Oman 5% VAT launched today
- Apr 16, 2021 | Richard Asquith
Oman VAT launched today. It is the fourth of the six Gulf Arab states to implement the consumption tax as part of a regional VAT and Customs union. The others are Saudi Arabia, UAE and Bahrain.
Oman has set-out the VAT registration timetable as the Arab Gulf country implements VAT from 16 April 2021. There will be a compulsory VAT registration threshold of OMR 38,500 per annum. There will be a voluntary registration threshold of OMR 19,250.
Registrations will be accepted as following five waves:
| 2021 Registration application dates | VAT turnover | Registration date |
1 | 1 Feb to 15 Mar | Above OMR 1m | 16 Apr 2021 |
2 | 1 Apr to 31 May | OMR 500k to OMR 1m | 1 Jul |
3 | 1 Jul to 31 Aug | OMR 250k to OMR 499k | 1 Oct |
4 | 1 Dec to 28 Feb 2022 | OMR 38.5k to OMR 249k | 1 Apr 2022 |
5 | 1 Feb | Voluntary - OMR 19,250 |
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