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Oman has no plans to increase VAT rate
Muscat- December 15, 2021:
Oman’s Minister of Finance Sultan bin Salim Al Habsi has confirmed that the state will not follow Saudi Arabia and Bahrain on VAT rise. Omani Ministry declared that the standard 5 percent Value Added Tax (VAT) rate continues in 2022. Al Habsi affirmed ‘We have seen some countries increase the VAT tariff but our government has no intention to increase the current VAT.’
This move comes despite neighboring countries Saudi Arabia (15%) and Bahrain (10%) both raising VAT from the original Gulf Coordination Council launch rate of 5%. Of the six GCC states, Kuwait and Qatar are yet to implement VAT as part of the agreed VAT and Customs Union.