How does Oman VAT Law impact Real Estate Sector?
According to Oman VAT Law, the resale of residential real estate and sale deals involving vacant land are exempted from tax. In addition to that, transactions related to the renting of real estate for residential purposes and the sale of undeveloped land is not covered by Oman VAT. It is advised that taxpayers retain normal VAT records for a standard period of 10 years and an extended period of 15 years for all the real estate capital assets.
Oman VAT Law has its implications on all the sections and sectors of the economy, and since the real estate sector is considered to be the economic barometer of Gulf Cooperation Council, it has utmost importance for businesses and dealers. The real estate sector serves as a livelihood provider to a large portion of the economy and delivers mandatory infrastructure, commercial and residential space aiming towards the development of the region.
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