VALUE ADDED TAX (VAT)
The Value Added Tax (VAT) Law has been in effect since the 16th April 2021 following the announcement of Royal Decree No. 121/2020 on 18th October 2020, and the Oman Tax Authority Decision No. 3/2021 (“The VAT Legislation”).
What is VAT?
VAT is an indirect tax which is generally referred to as a type of general consumption tax. Registered businesses collect and account for VAT on behalf of the government, while end consumers ultimately bear the VAT cost.
For further information visit
https://tms.taxoman.gov.om/portal/web/taxportal/vat-tax
Taxable Supplies can be pooled into three distinct categories:
• Standard rated supplies at 5%
• Zero rated supplies at 0%
• Exempted supplies
For further information visit
