Oman Exempts Vital Sectors from VAT

Oman Exempts Vital Sectors from VAT

Oman has exempted some key sectors such as healthcare, education and finance from the value-added tax which will be levied over the next six months.

State-run Oman TV last week said that five per cent VAT will be imposed on goods and services, but with some exceptions.

In addition to financial services, provisions of healthcare and education and their related goods and services, other exemptions are undeveloped lands (bare lands); resale of residential properties; local passenger transport; and renting real estate for residential purposes, said Thomas Vanhee, Partner at Aurifer Middle East Tax Consultancy.

He said import of investment gold, silver and platinum, supplies of international goods and passenger transport and related services; supply of rescue aircrafts, boats and auxiliary ships; supply of crude oil and its oil derivatives and natural gas; import