The original intention for an Oman VAT system was confirmed by Oman's Minister of Commerce and Industry Ali bin Masoud Al Sunaidy during an interview with Bloomberg TV at the 2020 World Economic Forum in Davos at the beginning of the year.
Since this January gathering in Switzerland, Oman’s draft VAT law has navigated its way along the country’s legislative path. The most recent development has been approval of the draft VAT law by the country’s Majlis Ash’ Shuras, the advisory council of Oman’s lower house, to the Sultanate’s State Council.
Back in June 2016, all six Gulf Cooperation Council (GCC) members states signed the Common VAT Agreement. It was agreed that each GCC Member State would introduce a VAT system at a rate of 5%. As a result, Oman will introduce VAT at a rate of 5%. When it does so it will become the fourth member of the GCC member state to introduce a VAT system.
Taxamo content is created for guidance only, please consult your local tax advisor.
Talk to a Taxamo sales consultant about how we can help support your global tax management strategyContact Sales