Published 16 Jan,2021 via Muscat Daily - As Oman braces for the implementation of the Value Added Tax (VAT) from April 16,2021, the Tax Authority has issued a list of over 90 food items that are exempted. Food items that are not specifically zero rated would attract VAT at the standard rate of five per cent.
According to the earlier report released by the Ministry of Finance as part of Oman’s Medium-Term Fiscal Plan 2020-2024, the introduction of VAT, which was introduced via Royal Decree No 121/2020 on October 12, 2020, will serve as the foundation for the sultanate’s revenue-raising framework by introducing a broad-based indirect tax.
‘A socio-economic impact assessment has been carried out by an independent third-party to assess the fiscal, social and economic impact of VAT in Oman,’ the report said.
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Muscat Daily