Dubai - The application of selective tax has been deferred to mid-2018.
Published: Tue 26 Dec 2017, 7:28 PM
Updated: Wed 27 Dec 2017, 8:25 AM
Value-added tax (VAT) will be implemented in Oman only in 2019, the country has announced.
The sultanate's ministry of finance said the implementation of VAT has been delayed to 2019, the Times of Oman said quoting Oman TV.
The application of the selective tax on certain products will start by the middle of 2018, according to a report on the national broadcaster.
The products targeted for the so-called ‘sin tax’ are fizzy drinks cigarettes and energy drinks.
The delay in collecting the VAT until 2019 is expected to provide the country’s businesses with more time to prepare for it, the report added.
“Basically, this (delay in implementation) will give more time for the corporate sector and people to prepare for the VAT regime,” the report said, citing George Mathew, managing partner of RSM Oman. “Those companies that have not yet started the initial preparation will get more time, since it is going to be implemented in 2019,” added Mathew. Oman plans to introduce a 5 per cent VAT, along with other GCC states.
E-Paper
Sign In
iPhone | iPad
Android
0°C 
