The introduction of VAT in Oman - Financial services sector
After review and approval from the Shura Council, the draft VAT Law was recently referred to the State Council with certain recommendations. The State Council has reviewed the draft VAT Law and returned it to the Shura Council for reconsideration of certain recommendations, keeping the progress on track. Once this process is complete, it will be submitted to His Majesty the Sultan, with the recommendations of both the Shura and the State Councils.
The original intention was to allow businesses at least six months to prepare. However, given current economic conditions, the possibility of implementing VAT in early 2021 cannot be ruled out. Once implemented, the Sultanate is expected to collect circa USD 1 billion from VAT, giving non-oil revenues a much needed boost in these challenging times.
Join this webinar where our VAT implementation specialists will discuss the status and timelines of Oman VAT implementation, the potential impact it is likely to have on businesses and the process of implementation based on their experience in the region and globally.