VAT registration exemption for Oman:
In compliance with the restrictions and controls established in the laws, the Oman VAT has exempted the following supplies from VAT:
1. monetary services
2. Medical services and related products and services
3. Educational services, as well as related products and services
four. undeveloped land (bare lands)
5. Residential property resale
6. Local passenger transportation
7. Renting out residential real estate
8. Exempt or zero-rated imported products in Oman
9. Imported products for diplomats, consular agencies, and foreign organisations, among other things
10. Imported items for military and international security forces
11. Personal baggage and home appliances imported by a citizen/foreigner
12. The importance of non-profit organizations
13. Returned items
ARE YOU INTERESTED IN VAT DEREGISTRATION?
Zero-rate:
The VAT legislation requires that zero rates be applied to the following supplies, subject to the requirements, limits, and situations specified in the regulations:
1. Food supply will be decided by the Chairman's decision.
2. pharmaceuticals and medical equipment
3. Gold, silver, and platinum investments
4. Transportation and associated services on an international and intra-GCC scale.
5. Commercial sea, air, and land transportation
6. Provision of rescue planes, boats, and support ships
7. Provision of crude oil, oil derivatives, and natural gas
8. Goods and services exports
9. Provision of goods and services in the event of a customs duty suspension
Re-exporting commodities temporarily imported for repairs and refurbishing
The legislation indicates major VAT reforms that must be implemented for the business sector across the nation. Although legislation is anticipated in the coming months, companies should take early efforts to prepare for and analyse the effect of VAT on their operations in Oman.
