After the VAT law was published in the Official Gazette on 18 October 2020, Oman will be 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. Considering the timeline of VAT implementation, businesses would have roughly six months to prepare.
It will be imperative for businesses to possess a complete understanding of Oman VAT law and its implications. The businesses also need to evaluate their readiness for implementing VAT, assess their preparedness, and revisit commercial clauses under ongoing contractual obligations with suppliers and buyers, etc.
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