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Oman to introduce VAT by 2018

06-Nov-2016 :

Muscat: Oman announced on Saturday that it will implement value-added tax (VAT) by the beginning of 2018 in a move to diversify its revenues amid the plunge in oil prices.

Oman will also raise the prices of various commodities, including those harmful to health such as alcohol, tobacco, ham and fizzy and energy drinks.

The draft law has been prepared and will be submitted to the legislative authorities for revision.

The tax will be officially approved next week and will begin to be implemented starting from 2017, according to Nasser Al Shukaili, secretary-general of Taxation at the Ministry of Finance.

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