VAT Implementation is delayed to 2019 – Reports Local Media


The fully fledged VAT regime will start in Oman from 2019, but certain products and services will be taxed from mid-2018 – reports Omani media.
Omani Media reports that Ministry of Finances in the country has delayed the implementation of Value Added Tax (VAT) until 2019.
Meanwhile, Oman will start selective tax on certain products from the middle of 2018 and these products include tobacco, energy and soft drinks says the Sultanate’s Ministry sources.
The delay in the VAT implication is a boon for business entities as they get sufficient time to make their ERP software VAT compliant. VAT is a new taxation in GCC countries and businesses need to prepare adequately for it. Gulf Corporation Council (GCC) had approved VAT in 2017 and UAE and Saudi Arabia have implemented it from January 2018 and all other countries have expected to roll out in the near future. At the wake of this situation, Oman has announced that it will follow the suit in 2019.
The delay in the implementation of VAT in Oman will help the country prepare to welcome it, the report added.
In October 2017, IMF Director for Middle East and central Asia, Jihad Azour stated that every nation in GCC should be implementing VAT which requires adequate preparation in communication with private sector companies. He continued to state that varied times for the implementation of VAT in the region among the countries will help them greatly.
VAT ERP software is the great solution for private sector companies to comply all their business activities with VAT. There are many VAT compliant ERP software vendors and among them GCC VAT PRO produced by Quality Horizon Pvt. Ltd. has received much accolades from various business entities around the world and especially from GCC counties. It is efficient VAT compliant ERP software suitable for big and small businesses alike.

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