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VAT GCC At An Opportune Time

Middle East : 04 January 2013

Source: Gulf News 2013

Muscat: The GCC bloc is looking into the Value Added Tax (VAT) but would be introduced only at a suitable time, according to Oman’s Minister Responsible for Financial Affairs, Darwish Bin Esmail Al Beloushi.

“Introducing VAT in ‘current condition’ was not feasible,” the minister said while presenting the State Budget 2013 at the ministry auditorium on Wednesday.

Speaking about taxes in Oman, he added that VAT was an ideal solution. However, he added that it would be introduced only at a “suitable time”.

Meanwhile, he noted that there was a need to seriously view the fuel subsidy given by the Omani government.

Al Beloushi said that the government could possible allot the one billion riyals (Dh9.5 billion), spent on fuel subsidy, for some better purpose like training and employing young Omanis.

“The government should consider the issue in larger interest of the community,” he said, adding that careful consideration is needed before deciding on fuel subsidy.

The fuel in Oman is subsidised by the government at a cost of on billion riyals annually, according to the finance minister.

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