Oman Set To Introduce 50% Tax On Sweetened Drinks

Oman will introduce a 50% levy on sweetened drinks from October 1 next.

Oman is set to introduce a tax on sweetened drinks from October 1 this year, according to the Secretariat General for Taxation.

Any drinks that contain sugar or any of its derivatives or any other sweeteners, as well as concentrates, powders, gels, or preparations that can be converted into sweetened drinks will be subject to the levy, according to the sultanate’s tax authority. 

The authority said products excluded from the tax include fresh fruit juices (100% natural fruits), nutritional supplements, milk and its derivatives containing a ratio of not less than 75% of milk and laban, special dietary drinks and drinks that are for medicinal use.

Oman introduced a 100% tax on tobacco, alcohol, pork meat and energy drinks on June 15 last year. It also introduced a 50% tax on carbonated drinks. The tax on alcohol was later reduced to 50%, but will now be restored to 100% from July 1, according to local media.

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
RECENT NEWS

BNY Mellon Lands A Big Ally For Expansion In Saudi Arabia

NCB Capital is the kingdom's biggest asset manager and investment bank Read more

Coronavirus, Low Oil Prices Set To Speed Up Gulf Bank Mergers

Moody's Investors Service says financial concerns in the region will play a larger role in encouraging deals Read more

Abu Dhabi Fund Buys $750m Stake In Retail Arm Of Indian Giant Reliance

Subsidiary of the Abu Dhabi Investment Authority will buy a 1.2% stake in Reliance Retail Ventures Read more

How The Lebanese Private Sector Is Coping In The Eye Of A Storm

Businesses extremely pessimistic about future as layoffs continue and wages plummet Read more

Lebanese Pound: The Most Undervalued Currency In The World

As political and economy chaos ensues, leading analyst says exchange rate needs sorting 'as soon as possible' Read more

How Coronavirus Is Changing Banking For The Better

Redefining finance for good: Virtual CXO Forum to take place on October 7 Read more