Oman VAT implementation advances

The prospect of 5% Value Added Tax regime in the Gulf State of Oman by early 2021 has progressed.

The Omani Shura Council has approved the draft VAT Law, and has now referred it to the State Council. The Council has 15 days to comment on the bill before forwarding to the Sultan of Oman. 

Oman would become the fourth member of the Gulf Cooperation Council (GCC) to implement VAT under the single Unified VAT Agreement. The members of the GCC are: Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.

The other states that have implemented VAT are: Saudi Arabia; UAE; and Bahrain.