After UAE, KSA, and Bahrain, Oman has also introduced VAT Law. However, the detailed implementation of regulation and guidance regarding each sector of the economy is under preparation and review by the Oman Tax Authority.
For all Oman companies, it’s time to take action and be prepared for VAT in Oman transition. VAT Law is generally self-assessed with a high probability of error leading to penalties along with time-consuming interaction with Oman Tax Authority causing business disruption. It is hence imperative that you appoint a qualified VAT Consultant in Oman.