All that you want to know about VAT in Oman
By: Times News Service
An additional 5 percent of Value Added Tax will come into effect from April 16.
Muscat: Value Added Tax (VAT) comes into effect in Oman from Friday, which will see an additional charge of 5 per cent added to a number of goods and services purchased by customers in the country.
VAT, governed by Royal Decree No. 121/2020, is expected to add about OMR400 million in revenue to the country every year, which amounts to about 1.5 per cent of the national gross domestic product (GDP).
It became a law after the signing of Decision No. 53/2021, issued by Saud Nassir Al Shukaili, the Chairman of the Tax Authority.
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ICAI Muscat Chapter launches its VAT knowledge series
By: Times News Service
Muscat: The Muscat Chapter of the Institute of Chartered Accountants of India (ICAI) launched its VAT knowledge series for its members in of Oman as part of its continuing education programme knowledge series.
CA N Ramananda Prabhu, the Chairperson, welcomed the members and stated the plan to further enhance the standing of the Muscat chapter of the ICAI and to conduct knowledge series, seminars, events on a variety of topics that would help all accounting professionals become great business leaders. He also provided an overview of the activities and the event carried out by the Chapter for its members during the year. He stated that these included professional education as well as family events for its members.