Oman to Implement VAT in 2021
Oman to Implement VAT in 2021
A study by EY had predicted that the adoption of VAT by GCC countries would generate additional annual revenues of $25 billion.. Oman will impose five per cent value-added tax (VAT) from early next year, said an Omani minister on Tuesday.. Three GCC countries, UAE, Saudi Arabia and Bahrain, have levied VAT as agreed by the six member countries.. The minister hopes that the oil price will cross $70 a barrel which will be helpful for regional economies..
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