VAT will generate USD1bn for Oman government, says IMF
The International Monetary Fund (IMF) is estimating USD1bn (OMR385mn) windfall for the Omani government from value added tax (VAT). The consumer tax, not conspicuously stated yet, will account for nearly 1.5% of the gross domestic product though the amount can fluctuate depending on variables such as compliance rate and exemptions, the IMF said. The GCC countries will implement VAT from January 2018. (Arabian Business)
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