Oman to implement five per cent value-added tax (VAT) from first quarter of next year, said an Omani minister.
“VAT is something people don’t like it but this is something we have been lobbying for. It will come into effect sometime in the beginning of the next year,” commented Ali bin Masoud Al Sunaidy, Minister of Commerce and Industry in Oman.
Presently three GCC countries, UAE, Saudi Arabia and Bahrain, have implemented VAT as agreed by the six member countries. Oman will be the next GCC country to join these countries regarding VAT.
Minister hopes that the oil price will cross $70 a barrel which will be helpful for indigenous economies.
“The economy is being revived at 465 but $70 would be more comfortable for most of us in the region, not just Oman. However, at $65 and even $60 to $65 barrel, we will look more seriously at tourism, manufacturing, fisheries and logistics sectors.” Said minister.