Oman’s advisory Shura Council proposes linking VAT to growth – ZAWYA

Oman’s advisory Shura Council proposes linking VAT to growth – ZAWYA

Oman's shura council, a consultative body to the government, has agreed to a committee proposal to link value-added tax to economic growth, omani news website waf reported.oman, an absolute monarchy, is one of the weakest economies in the oil-rich gulf region and has relied on debt to shore up its finances, hit by lower oil prices and subdued demand due to the coronavirus pandemic.rated "junk" by all three major ratings agencies, oman is expected to implement vat in 2021 to boost revenue, according to a bond prospectus distributed to investors last year.oman, an absolute monarchy, is one of the weakest economies in the oil-rich gulf region and has relied on debt to shore up its finances, hit by lower oil prices and subdued demand due to the coronavirus pandemic.dubai - oman's shura council, a consultative body to the government, has agreed to a committee proposal to link value-added tax to economic growth, omani news website waf reported.rated "junk" by all three major ratings agencies, oman is expected to implement vat in 2021 to boost revenue, according to a bond prospectus distributed to investors last year.the shura council's economic and finance committee proposed implementing vat only if a minimum 3% economic