money and business
The Sultanate of Oman announced the start of levying a 5% value-added tax on goods and services as of next April, making it the fourth Gulf state to adopt this measure.
The Omani Ministry of Information published a tweet on Twitter, in which it announced that, as of April 16, it had been decided to start applying the 5% value-added tax in the country.
This “tax will be applied on local and imported goods and services, except for those exempted from them”, according to what was stated in the tweet.
The ministry added that the public transport sector, health services, the educational system, real estate, and “some financial activities” will not be covered by this tax.
Ministry of Information – Sultanate of Oman (@omaninfo1) March 14, 2021
Saudi Arabia and the UAE, which make up 75% of the GCC economies, were the first two countries to adopt a value-added tax in 2018, followed by Bahrain in January.