x

Traders told not to raise prices on VAT pretext

Oman Saturday 03/April/2021 21:32 PM
By: Times News Service
Traders told not to raise prices on VAT pretext

Muscat: Shopkeepers and businesses in Oman have been told to not increase their prices on the pretext of Value Added Tax (VAT) being introduced into the country.

With VAT expected to be rolled out on April 16, 2021, businesses that do attempt to increase their prices before this date can expect to meet strict punishment.

“Based on the warning issued by the Tax Authority regarding the imposition of value-added tax on April 16, 2021, the Consumer Protection Authority (CPA) calls on all suppliers not to raise the prices of goods under the pretext of applying VAT before the specified date set on April 16, 2021,” the government body said in a statement.

“The authority will take necessary legal measures against those who violate this,” added the CPA. “It also appeals to consumers to immediately report any violations.”

The Tax Authority said in an announcement that VAT will be levied to customers at five percent of the value of the goods or services provided to them, from April 16 onwards, in keeping with Royal Decree No. 121/2020.

People who have queries about VAT and other tax-based issues can contact the Tax Authority on 2474-6996, or email them at [email protected] Alternatively, they can visit www.taxoman.gov.om.