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By: Times News Service With about a month left for VAT implementation, regulations on collection of the tax have been issued. 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.

Al shukailiSaud nassir al shukailiTax authorityNassir al shukailiRoyal decreeValue added taxGross domestic productVat lawExecutive regulationTimes of omanWorld newsLatest newsBreaking newsOman newsNews omanOman news agency