A framework agreement for value added tax (VAT) is expected to be finalised during the forthcoming meeting of the Gulf Cooperation Council’s (GCC’s) Financial and Economic Cooperation Committee in October this year. This follows the finance ministers of GCC states approving the introduction of GCC VAT in Jeddah in June. However, certain procedural aspects will be discussed in details during the forthcoming meetings. GCC states will be ready for the first phase of VAT implementation by the beginning of 2018. Also, for over six months now, there have been statements by Oman government officials and the media indicating that VAT will be imposed in the Sultanate from January 1, 2018. (Times of Oman)