An estimated 1.5 per cent increase towards the country’s gross domestic product (GDP) is projected once the VAT is introduced. This will have a positive impact on the economic and social development and the international competitiveness of the Sultanate. The implementation of the 5% VAT comes in line with the GCC framework that was agreed upon between the six-nation bloc. The neighbouring countries like the UAE, Saudi Arabia and Bahrain have already levied with their VAT. Read More
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