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.
By: ONA
Muscat: In an effort to lay down solid grounds and regulate the Tax Authority’s operations, an agreement has been signed between the Authority and the Oman Governance and Sustainability Centre.
This first initiative of its kind comes in implementation of the Royal directives of His Majesty Sultan Haitham Bin Tarik and in line with Oman Vision 2040’s approach for upgrading government service and boosting institutional performance.
Besides raising the efficiency of the Tax Authority, the agreement will foster ties with the Ministry of Finance and other government departments concerned like the Ministry of Economy and parties with which the Tax Authority shares responsibilities.