Oman Tax Agency Issues VAT Guide on Oil, Gas in English

Jan. 18, 2022, 5:00 AM

The Omani Secretariat General for Taxation Jan. 13, issued a VAT guide on oil and gas in English. Topics covered include: 1) relevant legal provisions and definitions; 2) the VAT treatment of upstream, midstream, and downstream activities; 3) clarifications on transportation and storage activities; 4) place of supply rules; 5) the VAT treatment of imports of goods and equipment to Oman; 6) invoicing and reporting requirements; 7) payment and refund procedures; 8) auditing rules and inspections by the tax agency; and 9) penalties for noncompliance. [Oman, Secretariat General for Taxation, 01/13/22]

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