Oman postpones VAT implementation
by ChemOrbis Editorial Team - content@chemorbis.com
According to the country’s local media sources, Oman will delay the introduction of a 5% VAT on a wide range of goods and services until 2019.
The delay in implementation of the selective tax will reportedly provide more time for Oman’s businesses to prepare for the new system.
Earlier this month, all Gulf Cooperation Council (GCC) countries mutually agreed to adopt a new VAT framework in order to boost state revenues by the beginning of 2018.
Accordingly, Saudi Arabia and the United Arab Emirates are set to impose 5% VAT starting from January 1, 2018 in a move to diversify revenue sources amid lower oil prices. The other Gulf countries, meanwhile, have been slow to determine an exact date for the application.
However, no further details have been given by the Omani authorities at the time of press.
The delay in implementation of the selective tax will reportedly provide more time for Oman’s businesses to prepare for the new system.
Earlier this month, all Gulf Cooperation Council (GCC) countries mutually agreed to adopt a new VAT framework in order to boost state revenues by the beginning of 2018.
Accordingly, Saudi Arabia and the United Arab Emirates are set to impose 5% VAT starting from January 1, 2018 in a move to diversify revenue sources amid lower oil prices. The other Gulf countries, meanwhile, have been slow to determine an exact date for the application.
However, no further details have been given by the Omani authorities at the time of press.
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