Muscat: Oman has confirmed that it is working towards implementation of value added tax (VAT) in the country.
In a statement issued online, the Ministry of Finance has also reiterated that it has no plans to delay the implementation of the tax.
“The Secretariat General of Taxation is currently working on completing the administrative, technical and technological aspects in preparation for applying the tax”, a statement from the ministry said on Wednesday.
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It will be applied in compliance with the GCC unified agreement once it is approved, the statement affirmed, without specifying the date of its implementation.
“The Sultanate will continue taking a number of financial procedures in aspects related to revenue and public expenditure in a bid to achieve fiscal balance of public finance”, the statement added.
The implementation process involves the release of a proposed law apart from measures to deal with the registration requirements and processes.
A total of 94 basic commodities are expected to be exempted from VAT and levy a tax of five per cent on the rest of goods and services including retail purchases, car sales, car rentals, hotels, restaurants, repair and maintenance.— With inputs from ONA & agencies
