Oman 5% VAT September 2019

Sat 29th Sep 2018

Oman government representatives have said that the state is looking to implement a 5% VAT regime from 1 September 2019. In 2017, it signed the Gulf Cooperation Council VAT Framework Agreement. This included: Saudi Arabia, Qatar, UAE, Bahrain and Kuwait. Only Saudi Arabia and the UAE introduced VAT this year, as planned, but Bahrain is planning for an early 2019 launch.

The launch of the consumption tax is to help the GCC states diversify their revenues from oil duties, which have fallen sharply since the oil price collapse. The state has indicated that it will make many essential foodstuffs subject to a nil VAT rate, plus also public transport and real estate.

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