VAT in Oman – A Reality in Making !
VAT @5% will come into force w.e.f April 16,2021 and with this Oman will become 4th country in GCC to implement VAT.
OMR 400 million is expected to be collected annually from the application of this tax.
VAT will approximately generate 1.5 percent of the value in GDP.
Oman will become 4th Gulf Co-operation Council (GCC
It is pertinent to note that countries in GCC are also facing the economic problems especially due to Covid-19 factor and they are expecting to diverse their economy and attract investments at large.
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