Oman Vision 2040 on fast track
Davis Kallukaran
20 Vision 2040 on fast track
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Vision 2040 is going to be yet another turning point in the History of the Sultanate. Within a few months of taking the helm, His Majesty Sultan Haitham bin Tarik has embarked upon a total change in the economy and its administration. Apart from a major reshuffle of the cabinet, changes were brought about in the administrative apparatus of the government. A number of authorities have been merged to bring about more efficiency and economy in functioning by restructuring and establishing new reporting lines.
Moreover to streamline the investment and revenue stream of the government, Oman Investment Authority was established bringing in 65 major government companies under its fold. In a total restructuring of the Ministry of Finance, and Ministry of National Economy were set up. To augment the revenue stream, Oman tax Authority was established. The Value Added Tax (VAT) system which has been introduced is expected to add RO 400 million to the revenue which by itself should wipe out the budget deficit in three-four years’ time.