Introduction of Value Added Tax (VAT) in Oman
Following the introduction of Value Added Tax (VAT) in the United Arab Emirates (UAE) and the Kingdom of Saudi Arabia (KSA) effective from 1st January 2018, the other four Gulf States are looking to implement VAT as agreed under the Gulf Cooperation Council (GCC) VAT Framework Treaty.
In Oman, we understand that the local VAT legislation, regulations and guidance is under preparation and review.
To assist businesses on introduction of VAT in Oman, Deloitte has created a guide which provides a general outlook about the implementation including the most impacted industries, application of the tax, the suggested pre-implementation actions, amongst others.
From our VAT implementation experience in the UAE, KSA and other countries, businesses need to start preparing early, to ensure readiness and day one compliance.