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FINANCIAL NEWS
Oman’s VAT contribution to GDP to hit USD1.04b
22 Feb 2017
(MENAFN) PricewaterhouseCoopers, the Oman American Business Center (OABC) had organized a seminar to discuss the introduction of Value-Added Tax (VAT) in both Sultanate and the GCC.
The event was held at the Grand Hyatt Muscat and welcomed more than 60 business representatives and entrepreneurs from across the Sultanate.
However, VATs in GCC are expected to be set at 5%, with estimates of an annual contribution of USD1.04b to the Sultanate’s GDP.
Ali Daud, OABC President.year said: “Every aspect of the economy, from food and manufacturing to construction, real estate and pharmaceuticals will be impacted by the establishment of the VAT system.”
MENAFN2202201700450000ID1095262638
MENAFN2202201700450000ID1095262638
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