VAT to add 1.5 per cent to Oman’s GDP | Times of Oman

VAT to add 1.5 per cent to Oman’s GDP | Times of Oman

Muscat: While value added tax (VAT) is expected to come into effect in Oman on April 16, 2021, a number of goods and services have been granted exemption. VAT is expected to contribute about OMR400 million to the economy every year, about 1. 5 per cent of the country's gross domestic product (GDP), and with about a month left before VAT is brought in, the regulations regarding how the tax will be collected have been issued. Saud Nassir Al Shukaili, Chairman of the Tax Authority, on Sunday issued Decision No. 53/2021 promulgating VAT Law's executive regulation, based on the provisions of Royal Decree No. 121/2020 on VAT Law. The regulations include all of the procedures concerning bringing the provisions of the VAT law into effect, such as procedures for payment, registration, and collection of the tax, and for raising objections or concerns with regards to taxes imposed. "All of the necessary preparations and requirements for the value added tax, which has been scheduled to be implemented on 16 April, have been completed," said Al Shukaili. "Issues relating to taxation, such as the laws and executive regulations, preparing the necessary computer equipment, setting up online links to the bodies that govern