Oman has started gearing up for VAT implementation. The Sultanate has got enough experience from the implementation of VAT in other GCC countries and around the world and it is well prepared and equipped for its implementation. Oman Tax Authority has already published a guide that provides clarity on when a Business should obtain VAT registration during the transitional period.
As a transactional tax, VAT will have significant impacts across business operations. Whilst different sectors and organizations will face specific complexities, Arqam considers that business impacts can generally be categorized in following three broad areas: