(MENAFN - Emirates News Agency (WAM)) MUSCAT, 1st of August 2019 (WAM) - The Ministry of Finance in Oman affirmed that it is going to apply the value added tax (VAT) in compliance with the GCC unified agreement to apply this tax at the level of the GCC countries.
The ministry added in a statement today that the government is working on completing the legislative procedures to issue the VAT law.
It pointed out that the Secretariat General of Taxation is currently completing the administrative, technical and technological equipment in preparation for applying this tax once it is approved.
The ministry affirms that the Sultanate will continue taking a number of financial procedures in aspects related to revenue and public expenditure in a bid to achieve fiscal balance of public finance.
The financial accounts of the Sultanate indicate that the financial measures taken have achieved positive results in controlling government spending and reducing the annual deficit in return for an increase in government revenues.
WAM/Binsal AbdulKader/Hassan Bashir