The Oman Tax Authority has released its VAT guides and Executive Decisions has been saved
The Oman Tax Authority has released its VAT guides and Executive Decisions
In October 2020, the Sultanate of Oman announced the implementation of Value Added Tax (VAT) effective from 16 April 2021 and published its VAT Law through Royal Decree no. 121/2020. Following this announcement, the Oman Tax Authority (OTA) has initiated several measures including consultation with businesses and trade bodies on VAT and release of VAT guides, FAQs, and other useful documents to assist businesses and individuals in their VAT preparation process.
To help businesses understand the VAT guides and prepare for day one VAT compliance, Deloitte has created an analysis that provides an overview of the following:
- Zero-rated food items;
- Highlights from the VAT registration guide;
- Who needs to register for VAT?;
- Determination of taxable turnover;
- Staggered registration during the transitional period;
- Application for VAT registration; and
- Highlights from the ‘How to get ready for VAT’ guide.