The Oman Tax Authority (OTA) has now published its long-awaited Value Added Tax (VAT) Guide in English for the Financial Services Sector. The Guide provides interpretation and guidance on the application of the VAT Law, Executive Regulations and covers both banking and insurance as well as the Islamic Finance counterparts. The document also lays out several “Administrative Practices”, which require careful reading – these are in essence the approaches accepted by the OTA to facilitate the taxpayers’ compliance.
Source Deloitte
