OMAN – Oman has introduced a 5 percent value-added tax (VAT), becoming the fourth Gulf Cooperation Council country to implement a so-called consumption tax.
The move followed the UAE, Saudi Arabia and Bahrain.
Arab News reports that Oman has predicted it will raise OMR400 million ($1.04 billion) from the tax this year, equivalent to 1.5 percent of GDP, as it looks to narrow a widening fiscal deficit.
In June 2016, all six GCC states signed the Common VAT Agreement, pledging to introduce a 5% VAT rate.
Qatar is expected to go ahead with VAT in the second or third quarter of this year and is said to be close to finalising its tax administration system, Dhareeba.
Goods and services exempt from VAT include financial services, health care, education, local passenger transport, bare land, resale of residential real estate and residential rents.
Zero-rated goods and services include all exports, basic foodstuffs, medicine and medical equipment, investment in gold, silver and platinum, crude oil and derivatives and natural gas, among certain transport goods.
Pakistani rupee remains unchanges against US dollar in the open market on March 18, 2024, Monday.
In the open market, the US dollar was being quoted at 278.7 for buying and 281.65 for selling.
Euro moves down to 303 for buying and 306 for selling while British Pound hovers around 356 for buying, and 359 for selling.
UAE Dirham AED remains stable at 75.8 whereas the Saudi Riyal saw minor increase, with new rates at 74.05.
Currency | Symbol | Buying | Selling |
---|---|---|---|
US Dollar | USD | 278.7 | 281.65 |
Euro | EUR | 303 | 306 |
UK Pound Sterling | GBP | 356 | 359 |
U.A.E Dirham | AED | 75.8 | 76.55 |
Saudi Riyal | SAR | 74.05 | 74.5 |
Australian Dollar | AUD | 182.7 | 184.5 |
Bahrain Dinar | BHD | 741.89 | 749.89 |
Canadian Dollar | CAD | 204 | 206.2 |
China Yuan | CNY | 38.78 | 39.18 |
Danish Krone | DKK | 40.92 | 41.32 |
Hong Kong Dollar | HKD | 35.69 | 36.04 |
Indian Rupee | INR | 3.37 | 3.48 |
Japanese Yen | JPY | 1.86 | 1.94 |
Kuwaiti Dinar | KWD | 908.8 | 917.8 |
Malaysian Ringgit | MYR | 59.59 | 60.19 |
New Zealand Dollar | NZD | 171.07 | 173.07 |
Norwegians Krone | NOK | 26.67 | 26.97 |
Omani Riyal | OMR | 724.62 | 732.62 |
Qatari Riyal | QAR | 76.7 | 77.4 |
Singapore Dollar | SGD | 206 | 208 |
Swedish Korona | SEK | 27.27 | 27.57 |
Swiss Franc | CHF | 315.8 | 318.3 |
Thai Bhat | THB | 7.79 | 7.94 |
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