Latest news with #MinistryOfFinance
Zawya
14 hours ago
- Business
- Zawya
Qatar, Kuwait sign agreement on double taxation avoidance
Kuwait: The State of Qatar, represented by the Ministry of Finance, and the State of Kuwait, represented by the Ministry of Finance, signed on Sunday an agreement on the avoidance of double taxation on income and the prevention of tax evasion and avoidance. The agreement was signed by the Minister of Finance HE Ali bin Ahmed Al Kuwari, representing the Qatari side, and the Minister of Finance and Minister of State for Economic Affairs and Investment of the State of Kuwait HE Engineer Noura Sulaiman Al Fozan, representing the Kuwaiti side. On this occasion, HE Ali bin Ahmed Al Kuwari emphasized the importance and effectiveness of the agreement, stating: "This agreement will contribute to supporting international standards of transparency through the exchange of verified financial information, as part of both countries' commitment to strengthening coordination and cooperation in tax matters and economic relations.' The agreement aims to establish a legal framework for tax treaties between the two countries to eliminate all instances of double taxation. It also seeks to enhance commercial cooperation, broaden investment opportunities for government entities and individuals, combat tax evasion, and support neutrality and fairness in the treatment of taxpayers. © Dar Al Sharq Press, Printing and Distribution. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
14 hours ago
- Business
- Zawya
Oman posts $1bln surplus on oil gains
MUSCAT: Oman posted a fiscal surplus of RO 540 million at the close of 2024, outperforming initial expectations and reversing a projected deficit of RO 640 million. The stronger-than-anticipated outcome was fuelled by robust oil revenues and disciplined expenditure, reinforcing the Sultanate's progress towards fiscal sustainability under Oman Vision 2040. Citing the audited financial performance of the State General Budget for 2024, the Ministry of Finance noted that total state revenues reached RO 12.78 billion, representing a 16 per cent increase over the budgeted RO 11.01 billion. The uptick was largely attributed to favourable oil market dynamics. Oman's average oil price stood at USD 82 per barrel—well above the assumed USD 60—adding significant upside despite a decline in production volumes. Daily output averaged 997,000 barrels, compared to the budgeted 1.031 million barrels per day, reflecting Oman's continued adherence to voluntary OPEC+ cuts. Oil revenues rose by 26 per cent year-on-year to RO 7.45 billion, while gas revenues climbed to RO 1.82 billion, marking a 16 per cent gain from budget estimates. Non-oil revenues remained broadly stable at RO 3.51 billion, marginally below expectations. On the spending side, total public expenditure reached RO 12.24 billion, exceeding the original allocation of RO 11.65 billion by five per cent. The rise in expenditure was driven primarily by a surge in development spending, which grew by 31 per cent to RO 1.5 billion. Contributions and other payments increased 14 per cent to RO 2.2 billion, while current expenditure was maintained within target, declining slightly to RO 8.53 billion. The Ministry of Finance stated that the increase in development spending reflects the government's ongoing efforts to support infrastructure expansion, social protection, and economic diversification. Additional spending was directed towards accelerating project delivery, enhancing public services, and stimulating domestic growth—all core objectives under Oman Vision 2040. In parallel with its revenue performance, Oman made further progress on debt reduction. More than RO 660 million in public debt repayments were made during the year, bringing total outstanding debt down to approximately RO 14.6 billion. Additionally, over RO 1.6 billion in private sector obligations were fully settled through the automated financial cycle system, helping improve liquidity and bolster confidence among contractors and service providers. The Ministry affirmed its commitment to responsible fiscal management and stated that the 2024 performance demonstrates the effectiveness of its macro-fiscal strategy. The combination of higher revenues, contained spending, and debt reduction enhances Oman's credit outlook and positions the economy for greater resilience in the years ahead. As oil markets stabilise and domestic reforms advance, Oman's ability to generate fiscal space while investing in development priorities signals growing alignment with its long-term transformation goals. The 2024 budget execution stands as a key milestone in the country's journey towards balanced growth and economic diversification.
Zawya
15 hours ago
- Business
- Zawya
A nation recalibrated: Why Oman may hit 2040 targets ahead of time?
In an age dominated by grand national visions, Oman's latest performance report of its 10th Five Year Plan, spanning the 2021–Q1 2025 timeframe, stands apart—not for its rhetoric, but for its results. While other nations amplify ambitions, Oman quantifies them. And what the numbers now reveal is nothing short of a silent transformation—precise, purposeful, and increasingly irreversible. This transformation—guided by Oman Vision 2040—is not being proclaimed with slogans, but evidenced through percentages. From digital government to clean water access, from economic diversification to governance reform, the performance report issued recently by the Ministry of Finance underscores the progress Oman is making on multiple fronts, consistently and measurably. STRATEGIC PLANNING THAT PRODUCES At the heart of the report lies a compelling headline figure: 44.9% cumulative improvement in national performance indicators over just four years. This is not a marginal shift—it is a recalibration of how governance, services, and citizen engagement function in the Sultanate. The government's success in digital transformation is among the most visible. 85% of services are now accessible online, and 90% of citizens use digital identity systems, enabling faster, more transparent public services. Digital infrastructure readiness stands at 95%, while AI integration in government functions has reached 20%—a significant foundation for the next generation of smart governance. This is not just about technology; it's about access. Digital service satisfaction now stands at 80%, and 81% of public sector services have been automated, cutting red tape and raising accountability. HEALTHCARE THAT DELIVERS Healthcare is one of Oman's standout reform areas. Preventive health service coverage has reached 95%, and public satisfaction with the sector stands at 86%. The digitisation of medical records has ensured 90% of patients can now access their health data with ease. Key outcomes include a 4.6% increase in life expectancy, and an 11.9% decline in infant mortality since 2021—proof that investment in the healthcare system is not only improving systems, but saving lives. The health insurance coverage rate stands at 92%, and health system efficiency has improved by 6.1%—figures that show strategic policies are translating into tangible gains. AN ECONOMY DIVERSIFYING BY DESIGN Despite global economic volatility, Oman's efforts to reduce its dependence on oil are bearing fruit. The report shows an 8.7% increase in non-oil sector contribution to GDP, supported by 7.8% growth in the manufacturing sector and a 4.9% rise in SME contributions. Public–private collaboration has become a pillar of this diversification, with a PPP success rate of 90% and private sector engagement in development at 92%. These numbers reflect not just alignment with Vision 2040, but a structural shift in how Oman's economy is financed, built, and grown. FDI inflows have risen by 2.0% annually, while business environment indicators improved by 2.8%, driven by ongoing regulatory reform and streamlined licensing procedures. Inflation control measures delivered a 2.6% improvement, and economic diversification indexes rose by 3.2%, signaling that Oman's economy is expanding in both depth and scope. EDUCATION IN SERVICE OF EMPLOYMENT The education sector has undergone substantial reform. Tertiary enrolment stands at 60%, and a significant 86% of graduates now meet labour market needs. Vocational training participation sits at 59%, and digital literacy among youth is an impressive 95%—a critical asset for a future economy built on innovation. Still, gaps persist. STEM graduates comprise 45% of total graduates, and only 15% of students specialise in entrepreneurship-related fields. While female labour force participation has improved to 40%, perceptions of gender equity in the workplace remain modest at 57%. These metrics will need sharper focus to meet inclusivity and competitiveness targets. CITIES, INFRASTRUCTURE, AND SUSTAINABILITY Urban development efforts have kept pace with citizen expectations. Access to electricity and clean water has reached 95% and 90% respectively, and 81% of the population expresses satisfaction with infrastructure. Housing remains accessible to 83%, while smart city initiatives have achieved 59% implementation. Yet public transport coverage remains at 55%, and green infrastructure integration at 25%—areas where Oman can scale up to ensure sustainable urban living. The environmental domain, however, is a red flag. Carbon emissions dropped only 0.6%, and waste recycling remains at 14%. Environmental awareness is just 28%, while air quality and water efficiency compliance both sit at 72%. Without greater policy innovation and public mobilisation, Oman risks lagging behind on sustainability, even as it leads in infrastructure. Where Oman is leading regionally—and arguably internationally—is in governance reform. Transparency indicators are at 86%, accountability mechanisms score 91%, and anti-corruption efforts are rated at 85%. This new culture of statecraft is supported by 72% e-participation and 50% citizen engagement in policymaking—numbers that are expected to rise as decentralisation efforts and municipal reforms take hold. The report's closing message is clear: Oman is not improvising. It is delivering. Over 70% of Vision 2040 performance indicators have either met or exceeded benchmarks. And yet, rather than declare victory, the government is pressing forward—identifying regional disparities, calling for stronger environmental frameworks, and encouraging private sector competitiveness. If the next five years mirror the momentum of the last, Oman may not just reach its Vision 2040 goals—it may arrive early, and stronger than anticipated. Qasim Al Maashani 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
CNA
a day ago
- Business
- CNA
Japan Q1 corporate capex up 6.4%, points to solid domestic demand
TOKYO :Japanese corporate spending on plants and equipment rose 6.4 per cent year-on-year in the first quarter, Ministry of Finance data showed on Monday, showing a bright spot in the country's patchy economic recovery amid uncertainties over global demand. The solid expenditure data, which will be used to calculate revised gross domestic product figures due on June 9, shows at least one driver of domestic demand is solid, though U.S. President Donald Trump's tariffs could eventually deal a blow. Preliminary data last month showed Japan's economy shrank by an annualised 0.7 per cent in January-March, contracting for the first time in a year due to stagnant private consumption and falling exports. Capital spending in the quarter rebounded from the previous quarter's 0.2 per cent decline, which represented the first quarterly fall in nearly four years, according to Monday's finance ministry data. It grew 1.6 per cent on a seasonally adjusted quarterly basis. Monday's capex data also showed corporate sales rose 4.3 per cent in the first quarter from a year earlier, and recurring profits increased 3.8 per cent. Capital expenditure is one of the key gauges of domestic demand-led economic growth. Business spending remained generally solid in recent years due to strong appetite for investment in information technology to offset chronic labour crunch in the fast-ageing population.
Reuters
a day ago
- Business
- Reuters
Japan Q1 corporate capex up 6.4%, points to solid domestic demand
TOKYO, June 2 (Reuters) - Japanese corporate spending on plants and equipment rose 6.4% year-on-year in the first quarter, Ministry of Finance data showed on Monday, showing a bright spot in the country's patchy economic recovery amid uncertainties over global demand. The solid expenditure data, which will be used to calculate revised gross domestic product figures due on June 9, shows at least one driver of domestic demand is solid, though U.S. President Donald Trump's tariffs could eventually deal a blow. Preliminary data last month showed Japan's economy shrank by an annualised 0.7% in January-March, contracting for the first time in a year due to stagnant private consumption and falling exports. Capital spending in the quarter rebounded from the previous quarter's 0.2% decline, which represented the first quarterly fall in nearly four years, according to Monday's finance ministry data. It grew 1.6% on a seasonally adjusted quarterly basis. Monday's capex data also showed corporate sales rose 4.3% in the first quarter from a year earlier, and recurring profits increased 3.8%. Capital expenditure is one of the key gauges of domestic demand-led economic growth. Business spending remained generally solid in recent years due to strong appetite for investment in information technology to offset chronic labour crunch in the fast-ageing population. But the sweeping U.S. tariffs could weigh on profits at export-oriented Japanese firms and lead them to postpone capital investment decisions.
