Oman to participate in GCC VAT in 2018
by ChemOrbis Editorial Team - content@chemorbis.com
According to media reports, Oman has been the latest country to confirm its participation in the Gulf Cooperation Council’s new tax project.
Recently, IMF has recommended to all GCC countries to revise their existing tax systems and implement additional taxes to deal with the reductions in government revenues that result from the decline in oil prices and to strengthen their financial systems. As a result, GCC, which involves Saudi Arabia, The United Arab Emirates, Bahrain, Kuwait, Qatar and Oman, agreed on a common VAT rate of 5%.
GCC countries will start implementing the new tax regime as of January 1, 2018.
Recently, IMF has recommended to all GCC countries to revise their existing tax systems and implement additional taxes to deal with the reductions in government revenues that result from the decline in oil prices and to strengthen their financial systems. As a result, GCC, which involves Saudi Arabia, The United Arab Emirates, Bahrain, Kuwait, Qatar and Oman, agreed on a common VAT rate of 5%.
GCC countries will start implementing the new tax regime as of January 1, 2018.
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