Oman to introduce five per cent Value-Added Tax (VAT) starting April 16 onwards. Is your accounting documentation ready?

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