Update on proposed VAT in Oman and GCC | KPMG | OM

Update on proposed VAT in Oman and GCC

Update on proposed VAT in Oman and GCC

Tax has been in the spotlight recently, with pressure on the Omani government to diversify revenue sources in the light of lower oil prices and the consequent, significant budget deficit.

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While upcoming amendments to Oman’s corporate tax law and possible withholding tax changes are covered in a separate alert, this news alert covers the latest developments – in Oman and across the GCC -– on the proposed introduction of value added taxes (VAT) from 2018 and – possibly – excise taxes from 2017. These taxes will be on top of the existing customs duties imposed by the unified GCC customs law.

In our latest VAT update, we:

  • Briefly recap what VAT is
  • Update our clients on recent GCC developments
  • Examine the most recent timetable
  • Investigate some VAT challenges
  • Discuss what Omani business should be doing now
  • Suggest how KPMG can help

© 2017 KPMG, a United Arab Emirates partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

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