islamic finance

Shura discusses Oman’s draft VAT law

July 14, 2020

The Economic and Financial Committee of Majlis Ash-Shura on Monday discussed the draft Value-Added Tax (VAT) law referred by the government, by hosting Saud bin Nasser Al-Shukaili, vice-president of the Oman Tax Authority, a number of officials from the Ministry of Commerce and Industry (MOCI), Oman Tax Authority, and the Public Authority for Consumer Protection (PACP).

The meeting was aimed at discussing views of those parties regarding various articles in the draft law and including their observations and proposals in the law.

The meeting discussed the potential impact of the law on various sectors of commerce and industry, businesses and the economy in general.

The Economic and Financial Committee will continue to discuss the value-added bill over the next three days to present its report containing the appropriate proposals for its presentation and discussion in the upcoming regular sessions of the Shura.

The government has announced plans for launching the Value-Added- Tax in the beginning of 2021.

omanobserver

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