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On Monday, 12 October, His Majesty, the Sultan of Oman, issued Royal Decree No. 121/2020 in relation to the introduction of VAT in Oman. VAT is expected to be implemented from April 2021 and the VAT Executive Regulations are likely to be issued in December 2020.
The introduction of VAT will be a significant change for businesses in Oman. VAT has a broad scope and businesses will need to consider the impact of VAT on key areas including all transactions, supply chains, contracts and IT systems.
The issuance of the Royal Decree is a significant development in preparation for the introduction of VAT in Oman. Given the relatively short implementation timeline and the fact that the Executive Regulations may not be issued until the end of 2020, it is crucial that businesses start to plan for implementation as soon as possible.
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VAT in Oman guides
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Chadi Abou Chakra
Middle East Indirect Tax Network Leader, PwC Middle East
Tel: +966 11 211 0400 Ext: 1858
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