Muscat: Oman ready to impose value added tax on the country. The Oman News Agency has confirmed that the new tax system will be introduced in the country from April 16. VAT is expected to raise 400 million Omani riyals per year and contribute about 1.5 percent of the value of GDP. The news agency quoted Saud bin Nasser bin Rashid al-Shukaili, chairman of the Tax Authority, as saying.
The head of the tax authority said that all the necessary preparations and requirements have been put in place for the implementation of VAT, including tax-related legislation, operation of the tax computer system, and electronic linking with the concerned authorities. With this, Oman will become the fourth country to implement value added tax. Earlier, 94 food items were exempted from tax.
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