The value added tax (VAT) will be introduced in Oman by the middle of next year, or even earlier, a member of the Majlis Al Shura’s economic committee has told the Times of Oman. “Implementation of VAT is in the final stages. Oman is working out a mechanism on how to collect the tax. So, by the mid-2017, we can expect VAT being introduced in Oman,” Tawfiq Al Lawati said. According to the Shura member, once implemented, the VAT amount would be about three to five per cent, with foodstuff and certain other products to be exempted from the tax. “Through the introduction of VAT, we estimate that Oman will be able to earn between OMR200 million and OMR300 million extra every year,” the Shura member added. (Times of Oman)