No plans to defer implementation of VAT

The Ministry of Finance has confirmed that it is continuing to implement Value Added Tax in compliance with the GCC Unified Agreement, which requires its implementation by all GCC members.

The ministry said in a statement, “The government is working on completing the legislative procedures to issue the VAT law, pointing out that the General Secretariat of Taxation is currently completing the administrative and technical procedures in preparation for applying this tax once approved. “The ministry confirms Oman’s continuous efforts to implement a number of financial procedures in all aspects of revenue and public expenditure, in order to achieve fiscal balance of public finance.” “The financial accounts of the Sultanate indicate that the financial measures taken have achieved positive results in controlling government spending and reducing the annual deficit in return for an increase in government revenues,” the ministry added.


Source: Punch