MUSCAT: Oman has no plan to increase the value-added tax (VAT) beyond the current rate of 5%, the Minister of Finance has clarified on Sunday.
Addressing the press conference to unveil the proposed state budget for the year 2022, His Excellency Sultan bin Salim Al Habsi said the current rate of 5% will stay. His statement comes after Bahrain’s parliament approved the doubling of value-added tax to 10%. “We have seen some countries increasing the VAT tariff but our government has no intention to increase the current VAT beyond the rate of 5%,” Al Habsi said.
Meanwhile, the Minister also confirmed that the Sultanate will not impose the proposed income tax on wealthy individuals next year.
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