Fines, financial services, invoice deadlines updates to Executive Regulations
The Omani Tax Authority (OTA) has gazetted changes to the VAT Executive Regulations as part of the VAT Law.
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The changes include
- Changes to the place of supply rules for wireless and mobile services to better assimilate the place of consumption.
- Permit taxpayers to issue qualifying simplified invoices without permission of the OTA.
- Raise the fine for not issuing a valid VAT invoice from Rial 500 to Rial 5,000.
- Updates limit for issuing VAT invoices for supplies to 15 days
- Extension of financial services exemption beyond just banks and insurers to any taxpayer providing relevant supplies
- Clarification compliance documents required to recover input VAT
Oman VAT was implemented in April 2021.
Arab Gulf GCC VAT implementations
| 2028+ | Kuwait decides between VAT or excise taxes |
| 2025? | 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 |
