The Oman Tax Authority (OTA) has released in English its long-awaited VAT taxpayer guide for the financial services sector. The guide provides interpretation and guidance on the application of the VAT Law and executive regulations and covers both banking and insurance, together with their Islamic finance counterparts. The document also sets out several “administrative practices”—essentially the approaches accepted by the OTA to facilitate taxpayers’ compliance—which merit careful reading. The guide was published on the OTA website on 26 April 2022.
Source Deloitte
