Amid low global oil prices, Oman says it will raise taxes, gasoline prices to cover shortfall

Oman is going to cut government spending and also raise taxes and gasoline prices to cover an anticipated budget shortfall in the coming year.

That's according to a statement Wednesday from Oman's Council of Ministers. The council's statement, carried by the state-run Oman News Agency, also says the tax rates for company profits will be raised as well.

The statement says higher gasoline prices likely will go into effect in mid-January, without saying what they would be. The Council of Ministers approved the measures in a vote.

Oman, like the rest of the Mideast, is struggling as oil prices have dropped below $40 a barrel, pushed down by oversupply in the market.