New VAT bill could rise to over OMR 40,000

Traders in Oman face paying up to OMR40,000 to change to a VAT system ahead of its introduction. GCC countries have drafted a collective VAT framework announced by Saudi Arabia last week. Costs could start from OMR10,000 and climb higher than OMR40,000. A government announcement on what will be subject to VAT and what will be exempt will be made soon.