Muscat: Oman to impose VAT starting from April 16th 2021, and more than 90 food commodities are exempted from VAT.
The Head of the Tax Authority issued three executive decisions related to the implementation of the value-added tax, which will come into effect on April 16, 2021.
One of the decisions included food commodities subject to value-added tax at a rate of zero percent (that is, exempted from value-added tax), and the decision included a list of (94) items of the customs tariff to which this exception would be applied, and the list includes the following:
Meat, fish and poultry
Milk and dairy products
vegetables and fruits
Coffee, tea and cardamom
Nutritional preparations for children
Bottled drinking water
The tax is applied in about 170 countries around the world, In the GCC, 3 countries already implemented it, while the rest are preparing to do so.
To clarify how the tax is calculated, let’s say
If you are used to buy a product at 1 OMR under VAT the same product will cost your 1 Rial and 50 Baisa If the product is taxable
As we have basic daily life requirements of goods and services, the Sultanate decided to exclude a long list of goods and services from VAT, such as Basic food commodities, medicines and medical equipment’s, education and healthcare services, Taxi services, Financial services, Even residential rental, undeveloped lands and resale of residential real estate will be excluded as well.
The Sultanate applied VAT as part of its obligation towards international parties VAT will contribute to achieve financial sustainability, Collected amount from VAT will support the government inancing costs of public projects and services.
This video will give about VAT and How will applied in Sultanate of Oman
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