Oman Tax System for Successful Business

Taxation is the dimension where no business entity could deny. Be it a corporate entity or an individual, it must comply with the taxation system.

Oman is part of the GCC nations, and individuals that don’t need to pay any tax. On April 1st 2021, the nation incorporated the VAT system in the United Arab Emirates, Saudi Arabia, and Bahrain. Hence, the Corporate entities must pay a VAT of 5%.

Activities under the VAT System in Oman are:

• Commercial
• Professional
• Industrial
• Artisanal
• Service activity

Following supplies must be exempted from taxable conditions like:

• Healthcare services
• Financial services
• Educational services
• Bare land
• Local passenger transport
• Mining
• Rental of properties
• Export of processed products
• Fish processing and fishing
• Farming and breeding
• Medical care

You will be Interested on : Setup Private Higher Education Institution in Oman

Withholding Tax in Oman

10% of withholding tax can be applied for the below mentioned services in Oman:

• Research and development
• Royalties
• Management fees
• Right to use computer software

Black Swan can help you in business setup service in oman and experts can help you in End To End Oman Company Formation process

Originally posted 2022-02-07 05:50:55.