The Omani government hopes to earn revenues amounting to 1.4% of its gross domestic product (GDP) from VAT annually, officials at Ernst & Young (EY) said. “It has been estimated, even at 5%, which is a relatively low rate by international standards, VAT will contribute towards 1.4% of the GDP, which is about OMR250 million a year. This is a significant revenue generation,” says Jennifer O’Sullivan, director of Tax Advisory Services at EY. (Times of Oman)
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