Aqid ERPMeaning
Oman has charged VAT at 5% since 16 April 2021 under Royal Decree 121/2020, administered by the Tax Authority. Registration is mandatory when taxable supplies over the last 12 months, or expected over the next 12, exceed OMR 38,500 (article 55 of the VAT Law), and voluntary from OMR 19,250 (article 61).
Returns are quarterly: the return and the payment are due within 30 days of the end of each quarter. Excess input VAT is carried forward, or refunded when asked for in the return and above OMR 100. Listed basic food items, exports and international transport are zero-rated; financial services other than those charged for by a fee, licensed education and residential rent are exempt.
Also called: Oman VAT · value added tax Oman · VAT registration Oman
Example
Ruwi Trading LLC sells goods for OMR 400.000 net. It adds 5% VAT, OMR 20.000, and invoices OMR 420.000; the OMR 20.000 goes on its return for the quarter, due within 30 days of the quarter's end.