The Ministry of Finance of the Sultanate of Oman announced that it intends to implement VAT by the beginning of 2018.
In an announcement made to the Oman News Agency, and Gulf News, HE Saud Nasser Al Shukaili, secretary-general of Taxation at the Ministry of Finance, confirmed that, in accordance with the joint efforts between Oman and the other GCC states, the tax will be officially approved next week and will begin to be implemented starting from 2017.
While it is expected that the Government’s implementation process referred to will involve the release of the proposed law plus measures to deal with the registration requirements and processes, it will also require that business commence their own implementation projects as a matter of some urgency.
It is therefore crucial that businesses in Oman begin preparations to ensure compliance with the expected VAT law by 2018 if they have not done so already.
We predict the other GCC states will make similar announcements in due course requiring all businesses across the GCC states to consider the impacts of VAT.
IMC Group