Following the implementation of Oman VAT on 16th April 2021, the second wave of businesses should be registering.
The first phase of companies, with taxable supplies in excess of OMR 1million per annum should have now completed their registrations which would have gone live on 16th April 2021. The second wave have been able to submit Value Added Tax registrations since 1 April 2021. Their VAT numbers will go live on 1 July 2021.
|Wave||VAT registration open||Annual taxable supplies range||VAT registration deadline|
|1||1 Feb to 15 Mar 2021||Above OMR 1m||16 Apr 2021|
|2||1 Apr to 31 May||OMR 500k – OMR 1m||1 July|
|3||1 Jul to 31 Aug||OMR 250k – OMR 499k||1 Oct|
|4||1 Dec to 28 Feb 2022||OMR 38.5k – OMR 249k||1 Apr 2022|
|5||1 Feb||Voluntary and group registrations, at least OMR 19,250||At registration|
Oman is part of the six-state Gulf Cooperation Council which agreed to implement VAT in 2017. However, only Oman, Saudi Arabia, UAE and Bahrain have done so. VAT is set at 5% in all states except Saudi Arabia which raised VAT in 2020 at the height of the COVID-19 lockdown.
Arab Gulf GCC VAT implementations
|2023||Kuwait decides between VAT or excise taxes|
|2023||Qatar delays VAT on inflation worries|
|Jan 2022||Bahrain doubles VAT to 10%|
|16 Apr 2021||Oman introduces 5% VAT|
|1 Jul 2020||Saudi Arabia trebles VAT to 15%|
|1 Jan 2019||Bahrain launches 5% VAT regime|
|1 Jan 2018||Saudi Arabia and UAE introduce 5% VAT regime|
|2016||VAT and Customs Union agreement: Bahrain; Kuwait; Oman; Qatar; Saudi Arabia; UAE United Arab Emirates|