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  • 17-04-21

    Oman launches 5 percent value-added tax (VAT)

    (MENAFN)Oman represented a 5 percent value-added tax (VAT), the fourth Gulf Cooperation Council country to apply a so-called consumption tax.

    It came after the UAE, Saudi Arabia and Bahrain. Saudi Arabia increased its VAT volune to 15 percent last July to support fund its Coronavirus relief efforts.

    Oman estimated that it will increase OMR400 million (USD1.04 billion) from the tax current year, equal to 1.5 percent of GDP, as it looks to narrow a widening fiscal deficit.

    Kuwait’s parliament pushed back the realization date several times but the International Monetary Fund stated that it expects it to be introduced by next year. Qatar is estimated to advance with VAT in the second or third quarter of the current year and is set to be close to finalizing its tax administration system, Dhareeba.

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