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A bird's eye view of Oman.

PHOTO BY ARCHIVE


Oman to implement 5% VAT starting April

 

DUBAI – Oman will start implementing five percent value added tax (VAT) on April 16, the state news agency reported on Sunday (March 14).

The move comes three years after the UAE and Saudi Arabia implemented 5 percent VAT as part of an agreement between the six-nation Gulf Cooperation Council. Saudi Arabia later increased its VAT to 15 percent.

Saud bin Nasser bin Rashid Al Shukaili, head of the Oman Tax Authority, said all necessary preparations to implement VAT have been completed.

Al Shukaili said that companies have been given time to prepare for tax compliance. Tax registration for companies based in Oman opened in February last year.

It is estimated that the implementation of VAT will raise 400 million Omani riyals per year and contribute 1.5 percent towards the country’s gross domestic product. ICA/Expat Media


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