Oman to implement 5 percent VAT from next month
- By Web Desk -
- Mar 14, 2021
Oman will start implementing the Value Added Tax (VAT) on April 16, it was confirmed on Sunday by the Oman News Agency (ONA).
Oman will join the league of 160 countries that apply value-added tax around the world.
The VAT is expected to raise about 400 million Omani riyals annually and to generate approximately 1.5 percent of the value of GDP.
Saud bin Nasser Al Shukaili, Head of the Tax Authority, emphasized that all necessary preparations and requirements for the VAT implementation have been put in place including the issuance of tax-related legislations.
The Heath of Tax Authority also approved the Executive Regulations for the Value Added Tax (VAT) Law.
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This tax will be imposed on most goods and services (with specific exceptions in the law and regulations) at every point of sale.
The unified value-added tax agreement for the GCC countries signed in November 2016.