His Majesty, the Sultan, has approved the Oman VAT Law vide Royal Decree No. 121/2020 (Royal Decree). According to news reports, the VAT Law will be effective (i.e. VAT will be introduced) six months from the date of issuance of the Royal Decree. The Royal Decree is expected to be issued in the next Official Gazette, to be published on 18 October 2020.
VAT impacts all facets of business. It requires transformation of the business and every part of operations will need to be adequately prepared.
We have a dedicated team of VAT implementation specialists in Oman. If you require any assistance, please reach out to your tax advisors at KPMG or the contacts mentioned below.