Just in:
First-Ever Fortune Innovation Forum Draws Top Global Leaders to Hong Kong, Promoting Agendas On Collective Cross-Sector Advancement // German Job Market Resilience Bodes Well for Economic Recovery // Experts come together to support updating the city’s nature conservation masterplan // No running of govt from jail, says Delhi Lt Governor // Sharjah Chamber Breaks Ground on Final Expansion with New HQ Pact // Ajman Celebrates Conclusion of Ramadan Activities with Grand Ceremony // Universal Language for Healthcare: General Authority Embraces Global Coding System // US reiterates concern over Kejriwal arrest, Cong accounts // Sunshine’s Debut Features Leave Tech World Scratching Its Head // Sharpening the Focus: Sharjah Health Department Refines Evaluation Criteria for “Healthy Schools Programme” // Experience Ultimate Shopping Freedom at 4.4 Shopee Spree: Don’t Worry, Shop Shopee! // AIA Hong Kong Wins More Than 20 Accolades at MPF Ratings MPF Awards, BENCHMARK MPF of The Year Awards and Bloomberg Businessweek Top Fund Awards // Arvind Kejriwal Was Used By BJP In 2011 Movement To Take On The Congress // Court Sides with Coinbase on Wallet Service, But Staking Program Remains in Limbo // Meta Earth Official Website Launch: The Pioneer Explorer in the Modular Public Blockchain Domain // Infineon and HD Korea Shipbuilding & Offshore Engineering jointly develop ship electrification technology // Global Audience to Witness Thrill of Dubai World Cup // Andertoons by Mark Anderson for Thu, 28 Mar 2024 // Lisboeta Macau’s world first LINE FRIENDS PRESENTS CASA DE AMIGO and BROWN & FRIENDS CAFE & BISTRO has officially opened // Emirati Aid Reaches Ukraine as Food Shortages Bite //
HomeChannelsFeaturedOman postpones VAT implementation to 2019

Oman postpones VAT implementation to 2019

1494689495 Oman Currency rial

|By Arabian Post Staff| Oman surprised analysts and other members of GCC union, which have been preparing to roll out a new tax system from the first of new year, by announcing that it was postponing the implementation of VAT until 2019. According to the earlier schedule, the VAT implementation was to start on January 1, 2018.  The Ministry of Finance announced that the application of  selective tax on certain products will start by the middle of 2018. No further details  were available immediately.

In November, 2016, Oman announced that it will implement value-added tax (VAT) by the beginning of 2018 in a move to diversify its revenues amid the decline in oil prices. The selective tax was to apply to all those products harmful to health such as alcohol, tobacco, ham and fizzy and energy drinks.

ADVERTISEMENT

The estimated income from VAT, Oman could add between $520 million (200 million Omani riyals) and $779 million (300 million riyals) every year, according to the Ministry.

The proposal for the introduction of VAT was part of the joint efforts between Oman and other GCC states, which have been going on for a long time now. The postponement comes in the wake of reports that businesses were not yet ready for the implementation of the new tax regime, which calls for a major change in the way business was to be conducted in the sultanate.

ADVERTISEMENT

ADVERTISEMENT
Just in:
Experience Ultimate Shopping Freedom at 4.4 Shopee Spree: Don’t Worry, Shop Shopee! // Experts come together to support updating the city’s nature conservation masterplan // Court Sides with Coinbase on Wallet Service, But Staking Program Remains in Limbo // Ajman Celebrates Conclusion of Ramadan Activities with Grand Ceremony // Konica Minolta is named ASEAN 2023 Market Leader in Colour Light and Mid Digital Production Printers // Universal Language for Healthcare: General Authority Embraces Global Coding System // U.S. Compliance Takes Center Stage at OKX Following Industry Jitters // Sharjah Chamber Breaks Ground on Final Expansion with New HQ Pact // Meta Earth Official Website Launch: The Pioneer Explorer in the Modular Public Blockchain Domain // Emirati Aid Reaches Ukraine as Food Shortages Bite // Emirates Post Speeds Up Deliveries for GCC with Special Day // Renewables Surge Sets Record, But Global Equity Lags // Lisboeta Macau’s world first LINE FRIENDS PRESENTS CASA DE AMIGO and BROWN & FRIENDS CAFE & BISTRO has officially opened // US reiterates concern over Kejriwal arrest, Cong accounts // No running of govt from jail, says Delhi Lt Governor // Global Audience to Witness Thrill of Dubai World Cup // AI Boost for Galaxy Devices: Samsung Expands One UI 6.1 Update // Sharpening the Focus: Sharjah Health Department Refines Evaluation Criteria for “Healthy Schools Programme” // Ingdan Announces 2023 Annual Results // Samsung Partners National Heritage Board to Bring a Slice of Singapore’s Cultural Heritage to Samsung The Frame TV //