Monday, January 25News That Matters

Tag: value-added

Oman to impose brand-added tax amid pandemic fallout

Business
Oman issued a royal decree on Monday that sets the stage for the sultanate to initiate accumulating brand-added taxes starting up in April as it grapples with the fallout of the coronavirus pandemic and oil brand crumple.Oman’s swear-sail news agency reported the 5 per cent tax “would perhaps be applied to most goods and services and products at each and every stage of the present chain.” The decree exempts principal items esteem food staples, healthcare, education and monetary services and products from the tax.All six contributors of the Gulf Cooperation Council comprise agreed on a framework to initiate accumulating so-called VAT taxes.As section of a sequence of austerity measures aimed at shoring up earnings amid the pandemic, Saudi Arabia tripled its taxes on classic goods from 5 ...