MUSCAT: With over 17,000 companies and institutions registered for the Value Added Tax (VAT) since the last five months, the country’s Tax Authority has urged them to submit the returns on time to avoid legal penalties.
“About 17,000 companies have registered for VAT so far and there are specific dates that must be followed by the companies in filing the tax returns,” said an official at the Tax Authority speaking to The Arabian Stories.
From July 1, the Tax Authority started receiving the first set of VAT returns via the authority’s electronic website. Oman implemented the 5% VAT on April 16, becoming the fourth GCC country to introduce the system.
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The authority is expected to collect OMR 400 million annually from the application of this tax.
The quarterly tax return for VAT registrants covers the added value of imports, accruals, deductibles, due tax and refundable tax credits.