MUSCAT: Oman will implement a 5 per cent Value Added Tax (VAT) from April 16, the country’s TAX Authority has informed on Wednesday.
The Tax Authority issued three executive decisions related to the implementation of VAT which also include exempting basic food commodities from the list.
According to details 94 food items are exempted from VAT including milk and dairy products, meat, fish, poultry, fresh eggs, vegetables and fruits, coffee, tea and cardamom creels, olive oil, sugar, nutritional products for children, bread, bottled drinking water and salt.
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With the VAT implementation, Oman will join 160 other countries – on a global level – that impose VAT. The 5% VAT is considered one of the lowest payments of its kind, compared to international rates. The tax is expected to provide an additional source of support to the Oman’s treasury.
