Following the introduction of VAT in the KSA, the UAE and Bahrain, Oman will be the fourth GCC country to implement VAT in the region.
The VAT Law will set out the general principles for the application of VAT in Oman in line with the Unified GCC Agreement for Value Added Tax (VAT). The VAT Law is expected to be published in the Official Gazette on 18 October 2020 with an effective date for the introduction of VAT in April 2021.
Businesses with activities in Oman will need to consider the implications of the introduction of VAT on their transactions and ensure that they are ready to comply with the new VAT requirements by April 2021. We will be happy to help your business in Oman with the VAT implementation.