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FinancialNews
18-04-21
Oman introduces 5 percent value-added tax
(MENAFN)Oman represented a 5 percent value-added tax (VAT), the fourth Gulf Cooperation Council country to apply a so-called consumption tax.
Saudi Arabia increased its VAT volume to 15 percent last July to support fund its Coronavirus relief efforts, Oman followed the UAE, Saudi Arabia and Bahrain.
Oman estimated it will increase OMR400 million (USD1.04 billion) from the tax the current year, equal to 1.5 percent of GDP, as it looks to slim a widening fiscal deficit.
All six GCC states inked the Common VAT Agreement in June 2016, vowing to introduce a 5 percent VAT rate. Kuwait’s parliament has delayed the completion date a number of times but the International Monetary Fund estimates it to be introduced by next year. Qatar is estimated to go ahead with VAT in the second or third quarter of the current year and is stated to be close to finalizing its tax administration system, Dhareeba.
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