Oman becomes fourth GCC country to introduce VAT

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Oman

Oman introduced a 5 percent value-added tax (VAT), the fourth Gulf Cooperation Council country to implement a so-called consumption tax.

It followed the UAE, Saudi Arabia and Bahrain. Saudi Arabia tripled its VAT rate to 15 percent last July to help fund its coronavirus relief efforts.

Oman has predicted it will raise OMR400 million ($1.04 billion) from the tax this year, equivalent to 1.5 percent of GDP, as it looks to narrow a widening fiscal deficit.—Agencies

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