Oman to implement 5% value added tax in 2021

SourceArabian Industry

Oman will implement a value added tax (VAT) in six months, i.e, within 180 days from the date of publication of the Royal Decree issued in this regard. With the VAT implementation, Oman will join 160 other countries - on a global level - that impose VAT, Oman News Agency reported. The tax will be imposed on most goods and services, with the exemption of a specific set of goods and services, rendered to consumers at outlets throughout the Sultanate. It will also be imposed on imports of goods to the sultanate, except the ones exempted by law. The list of goods and services exempted from the soon-to-be-imposed VAT includes healthcare, education, financial services, and basic food items and supplies for persons with special needs, among other items and services. more...