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FINANCIAL NEWS
VAT to add RO200-300mn to Oman’s tax revenues
30 Oct 2016
(MENAFN) VAT will be applied in Oman and many other Gulf Co-op Council (GCC) states by 2018.
Moreover, VAT implementation now includes agreeing budgets, identifying the project management team and doing an initial impact assessment.
The Sultanate should be able to earn between RO200mn and RO300mn additionally every year, which will help spread the economy.
In addition, the VAT rate has been kept low at the initiation stage which will support businesses locally and in Oman to apply the change that introduction brings.
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