After the United Arab Emirates and Bahrain, Oman also imposed a 5% value added tax.
According to the details, a five percent value added tax has been announced in the Sultanate of Oman within six months.
In this regard, an order has been issued by the Sultan of Oman in which it has been said that the process of implementation of value added tax should be started within six months.
Arab media quoted officials as saying that the value-added tax law would apply to most goods and services, but there were some exceptions, with some provisions of the criminal law amended and a new law enacted. Has also been released.
The government of Oman has said that the implementation of value added tax will not have much effect on daily expenses. Under this, 100 per cent tax will be levied on tobacco and its products while 50 per cent tax will be levied on soft drinks based on their purchase price.
It should be noted that the Sultanate of Oman had planned to impose a 5% value added tax in 2018, but then it was postponed until 2020. This tax law is a broader agreement between the member countries of the Gulf Cooperation Council (GCC). Is part of
Earlier, the UAE and Bahrain had already introduced a 5% value-added tax law.
