Oman to levy 5% VAT from next month Staff Report © Provided by Khaleej Times Oman to levy 5% VAT from next month
Oman will start implementing five per cent value-added tax (VAT) from April 16, Oman News Agency reported on Sunday
It is estimated that VAT will contribute 1.5 per cent towards the country s gross domestic product (GDP) and raise around 400 million Omani riyals (Dh3.8 billion; $1 billion) per year for the country s exchequer.
The implementation of VAT comes in line with the GCC framework that was agreed between the six nation bloc. The UAE and Saudi Arabia levied five per cent VAT on January 1, 2018 followed by Bahrain. Saudi Arabia later hiked VAT to 15 per cent amidst shortfall in revenues due to plunge in oil prices.
Oman to levy 5% VAT from next month
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