Oman VAT law one step closer to reality

TanviTanvi    25 July 2020
Oman VAT law one step closer to reality

Oman is on the verge of becoming the 4th Gulf Cooperation Council member to adopt the Value Added Tax (VAT) system. The Oman's Majlis Ash'shura Council on 21st July 2020 had approved the VAT draft reported by the Economic and Financial Committee which consists of 180 articles. This approval means that the State Council now has 15 days from 21st of July to review and share the approved legislation with the Sultan for his signature converting it into law.

The Committee had put 3 conditions with regard to the introduction of VAT law which included a minimum Growth rate of 3%, VAT to effect only on those with a monthly income above RO 900 and to allocate around RO 100 million every year to support low- income groups.

Source: https://timesofoman.com/article/3017324/oman/majlis-refers-vat-draft-and-income-tax-law-to-state-council

You can access Law including Guidelines, Cabinet & FTA Decisions, Public Clarifications, Forms, Business Bulletins for all taxes (Vat, Excise, Customs, Corporate Tax, Transfer Pricing) for all GCC Countries in the Law Section of GCC FinTax. 



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