Oman Set To Introduce 5% VAT In April 2021

SourceBusiness Live ME
SectorEconomy
CountryOman

Muscat: Oman is all set to introduce a 5 per cent value-added tax (VAT) in six months’ time. This comes after His Majesty Sultan Haitham bin Tarik issued a Royal Decree to implement Value-Added Tax in the Sultanate by April 2021. A statement issued online by the Oman News Agency (ONA) read: ”His Majesty Sultan Haitham Bin Tarik has issued two Royal Decrees; the first of which was to amend some provisions of the Code of Criminal Procedure, and the second decided to issue a value-added tax law.” Once implemented, Oman will become the fourth GCC state to introduce VAT. Only Bahrain, UAE, and Saudi Arabia have introduced the tax on goods and services thus far. Meanwhile, this year, Saudi Arabia became the only GCC state to have tripled the VAT rate to 15 per ...read more...