Background
The Oman Government has published the VAT law in the official
Gazette on 18 October 2020. Oman is the fourth GCC country to
implement VAT after KSA, UAE and Bahrain. This law will come into
effect 180 days from the date of publication. i.e. 16 April
2021.
It is expected that the Executive Regulations to the
abovementioned law can be issued by Tax Authority (not cabinet) by
December 2020. Considering the timeline of VAT implementation,
businesses would have roughly six months to prepare.
The main milestones to be noted and acted upon would be as
below:
- December 2020: Publication Executive Regulations
- January 2021: Opening Registrations
- April 2021: Implementation of VAT
