Currently, the Country’s Tender Board has disclosed that Oman is investing approximately $11.4m in implementing the VAT system in the country.
According to the state-run Oman News Agency, in the fourth meeting of the year, the board approved approximately OMR29.5m ($76.5m) of projects and additional works.
This included OMR 4.4m in a system for “added value tax for the Ministry of Finance”, OMR 24.92m to re-award the remainder of works for water supply to the Niyabat of Al Jabal Al AKhdar in the Wilayat of Nizwa and OMR98,026 for additional underground operation and maintenance works in the Governorate of A’Dhahirah.
Like other GCC countries, Oman is also going to implement 5% VAT from the next year.
According to the reports of March, 94 Food Items and key services which include healthcare, education are tax exempted and it is expected to earn OMR300m ($779m) annually from the introduction of VAT.
In the last Month, Ministry of Finance has disclosed that VAT registration for business has begun from October.
Federal Tax Authority of UAE will collect, administer and enforce taxes, administer penalties and perform audits in case of none- compliance.
A UAE federal tax authority will administer, collect and enforce taxes as well as perform audits and administer penalties in case of non-compliance.