Muscat May 9, 2022:

The Oman Tax Authority (OTA) has finally issued a long-awaited VAT Guide for the Financial Services Sector in English on its website.

The Guide offers guidance on the application of the VAT Law and its Executive Regulations. It cover prime topics in banking, insurance, and Islamic Finance and outlines VAT treatments for many transactions and items, making it a useful reference for banks and other financial institutions when establishing suitable VAT treatment.