After long-term discussion Oman is finally getting into Value Added Tax (VAT) vide Royal Decree No. 121/2020. Sultanate of Oman decided a VAT standard rate to be 5% with limited Provision for zero rating and exemptions as per Unified GCC Agreement.
Since 2016 GCC VAT Agreement, Oman is the fourth GCC region to announce the VAT implementation. The VAT implementation is to be mandated in 180 days from the date of the Official Gazette publication i.e. April 2021. All business which handles Operations in Oman will have a huge impact due to VAT implementation.
Some of the areas which can deal with major impact due to VAT:
4i is an Oracle Modern OPN Partner with more than 12 Years of presence in Oman with an experience in implementing VAT solution for over 40+ clients in GCC Region. 4i has already prepared organizations in Oman for VAT that includes a major conglomerate, banks, Government entities and more. 4i has formed a dedicated VAT consulting team to help organizations to successfully implement VAT and file their returns. Get your Organization prepared for VAT with the help of 4i’s vast experience.