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Oman virtual VAT academy
VAT impacts on the ER&I industry
With the progressive implementation of Value Added Tax (VAT) in Oman from April 2021, companies active in the Energy, Resources and Industrials (ER&I)
industry are expected to be faced with a series of tax implications.
Deloitte’s indirect Tax practice will therefore dedicate the fourth session of the Oman virtual VAT academy to the ER&I industry. The session will be held on Tuesday, 8 December, 2020 and will discuss how VAT interacts with ER&I companies and what the likely industry issues businesses will face in preparation for entry into the VAT system. Below are the topics that will be discussed in more detail:
- Overview of the key implementation risks affecting the different types of businesses in the ER&I sector;
- Engineering, procurement and construction (EPC) contracts, PSCs, and joint venture arrangements;
- The practical application of zero-rating of oil, oil derivatives, and natural gas-plus the notions of supply chain vs. final supply zero-rating; and
- Imports and exports in the Oman VAT territory, temporary or otherwise; use of free zones, special economic zones and Customs suspension regimes.