July 28, 2020
Omanís Majlis Al Shura approves VAT law
On 21 July 2020 the Majlis Al Shura approved the Value-Added Tax (VAT) law and has now referred it on to the Majlis Al Dawla (the Council of State).
As part of its first annual sitting for the ninth period (2019–2023) and following two days of discussions on the proposed VAT law, the Majlis Al Shura approved the VAT law along with a number of recommendations. It is anticipated that following the Eid holidays, the Majlis Al Dawla will review the VAT law and the final proposed VAT law may be submitted for completing the next steps for issuance of a Royal Decree to enact the VAT law. As confirmed in the past, there is still widespread acknowledgement that the VAT law should be effective and applicable from early 2021.
For additional information with respect to this Alert, please contact the following:
Ernst & Young LLC, Muscat
Ernst & Young Middle East (Dubai Branch)
Ernst & Young LLP (United States), Middle East Tax Desk, New York