Oman 5% VAT launched today
- Apr 16, 2021 | Richard Asquith
Oman VAT launched today. It is the fourth of the six Gulf Arab states to implement the consumption tax as part of a regional VAT and Customs union. The others are Saudi Arabia, UAE and Bahrain.
Oman has set-out the VAT registration timetable as the Arab Gulf country implements VAT from 16 April 2021. There will be a compulsory VAT registration threshold of OMR 38,500 per annum. There will be a voluntary registration threshold of OMR 19,250.
Registrations will be accepted as following five waves:
|
2021 Registration application dates |
VAT turnover |
Registration date |
1 |
1 Feb to 15 Mar |
Above OMR 1m |
16 Apr 2021 |
2 |
1 Apr to 31 May |
OMR 500k to OMR 1m |
1 Jul |
3 |
1 Jul to 31 Aug |
OMR 250k to OMR 499k |
1 Oct |
4 |
1 Dec to 28 Feb 2022 |
OMR 38.5k to OMR 249k |
1 Apr 2022 |
5 |
1 Feb |
Voluntary - OMR 19,250 |
|
