MUSCAT:Oman will not introduce the much-talked Value-Added Tax (VAT) this year, WAF News reported on Wednesday quoting a high-ranking official at the Ministry of Finance.
The UAE and Saudi Arabia were the first countries in the GCC to introduce a 5% VAT on 1 January, 2018, while Bahrain followed a year later. According to WAF, Mohammed Jawad, the acting undersecretary of the Ministry of Finance, has confirmed that Oman’s budget for 2020 doesn’t include VAT as a source of revenue.
However, last year, the finance ministry implemented the new excise tax on tobacco, energy and carbonated drinks that is expected to in up to OMR100 million a year to help balance Oman’s books.
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