OMAN: Expected to implement VAT starting April 2021

Oct 15, 2020 | VAT Updates

VAT_Updates_MIDDLE EAST

OMAN NEW VAT REGIME

Oman issues decree regarding VAT regime.

This new law is to be published in the official gazette on the 18th of October stating that this new regime will have an effective date as of April 2020.

Some basic information has been published by the authorities in order for businesses to start preparing. Specific regulations are expected to be published later in 2020.

VAT rate will be at 5% except from specified goods and services. Anyone not residing in Oman but making supplies in this territory must register for a VAT number as well.

REGISTRATION THRESHOLDS IN OMAN:

The mandatory threshold for companies will be at OMR 38.500 and there will also be a voluntary registration threshold of 19.250

 

Source Credit: KPMG

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