Since the signing of the GCC VAT agreement in 2016, Oman is the fourth GCC state to introduce VAT in its tax regime. One of the key reasons for implementing VAT is to generate more revenue for the government. Using this, the Sultanate will be able to provide better quality public services without being completely dependent on the oil and other hydrocarbon sectors (which act as its main source of revenue).
Introduction of VAT will change the way the businesses perform their accounting activities. This infographic will give you a brief insight of how VAT will be imposed on goods and services in Oman.
