The implementation of Value Added Tax (VAT) will be a milestone for the Sultanate as it will not only help in the growth of the economy but will also aid in the development of the country as a whole.
This would prove to be one of the essential steps that the state takes with regards to diversifying its economy.
Around 180 countries in the world have put a VAT system in place. Value-added taxes are mandatory to pay for businesses in various parts of the world. It is the single biggest source of revenue- new source of income for the government.
The implementation of VAT in the Sultanate of Oman is a step in the right direction, which will set the path for a new efficient taxation system, it will boost investment as their will be high levels of transparency, credibility and best practices.
About the author: Dr Anchan C K is the Managing Director of World Wide Business House LLC and he is an international expert on trade, investment and economy.
Disclaimer : The opinions expressed within this article are the personal opinions of the author. The facts and opinions appearing in the article do not reflect the views of TAS and TAS does not assume any responsibility or liability for the same.
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