Oman Ministry of Finance says to implement VAT law without delay
Top finance authority confirms the government is working to issue the VAT law in line with GCC agreement
Oman's Ministry of Finance confirmed that it would start implementing value-added tax (VAT) in compliance with the GCC unified agreement as scheduled, adding that no delays were to be expected in its roll-out.
The ministry added in a statement that the government was working on completing the legislative procedures to issue the VAT law.
Oman's Secretariat General of Taxation is completing the administrative, technical, and technological requirements for VAT's implementation.
According to Oman's state news agency, ONA, the ministry said it would continue to implement financial instruments for revenue and public expenditure to achieve fiscal balance of public finance.
The UAE and Saudi Arabia were the first countries in the GCC to introduce a 5% VAT on 1 January, 2018, while Bahrain followed a year later.
The International Monetary Fund this July called on Oman to introduce VAT at the earliest to ensure the sultanate's speedy economic recovery as its growth remains subdued following the 2014 oil price decline.