Oman’s VAT Law Officially Gazetted; Key Sectors Exempted

Oman’s 5% value-added tax (VAT) law has officially been gazetted on the 18th of October 2020, and will come into effect on the 16th of April 2021, which is 180 days after the official publication, according to KPMG.

Oman’s VAT law enables the tax authority to issue VAT regulations up to six months after the effective date, which is the 13th of October 2021, KPMG noted. This is in contrast to other Gulf Corporation Countries member states that have already introduced VAT, including Saudi Arabia, the United Arab Emirates and Bahrain, which published VAT regulations prior to implementation.

Meanwhile, media reported that certain key sectors have been exempted from Oman&rsq...