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rdf:type	schema:NewsArticle
schema:articleBody	Oman on Monday announced the introduction of five-percent VAT on goods and services, to offset a slump in oil prices and an economic downturn exacerbated by coronavirus. The new tax, announced in a royal decree by leader Sultan Haitham bin Tariq, begins after 180 days in April 2021, state television said. Certain products and services will be exempt, including rent, basic foodstuffs, school fees and public transport. Oman recorded an average annual growth of nearly five percent between 2008 and 2016. But growth then dropped sharply -- to 0.3 percent in 2017, 1.8 percent in 2018 and 0.5 percent in 2019 -- amid struggling oil production. Oman, which is to cut oil production under Organization of Petroleum Exporting Countries (OPEC) agreements, is the fourth country in the Gulf Cooperation Council (GCC), a traditional tax-free haven, to introduce Value Added Tax. Saudi Arabia and the United Arab Emirates were the first to introduce five-percent VAT in 2018, with Bahrain following in 2019. Riyadh hiked VAT rates to 15 percent in May 2020, in an austerity programme designed to generate extra revenue and control public spending. Oman has recorded 106,575 cases of Covid-19, including 1,046 deaths. sy/mh/pjm/hc
schema:headline	Oman to bring in five-percent VAT
schema:mentions	Sultan bin Abdulaziz Al Saud Gulf Cooperation Council OPEC Riyadh Public transport Oman Bahrain United Arab Emirates Value-added tax Saudi Arabia Coronavirus Coronavirus disease 2019 United Kingdom government austerity programme Tariq ibn Ziyad
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-10-12 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	neutral sentiment
http://data.cimple...readability_score	64 (xsd:integer)
http://data.cimple...tology#hasEmotion	happiness

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