MUSCAT: The first specialised seminars entitled ‘Value Added Tax (VAT): The Motives, Objectives and Potential Impacts on Economy and Development’, organised by the Oman Chamber of Commerce and Industry (OCCI), will begin on September 25, Tuesday, as part of the annual programme of Evenings, adapted by the current board of OCCI (2018-2022).
The evening aims to shed light on the government’s drive to impose Value Added Tax in terms of importance, negatives and positive aspects of the application and to demonstrate its economic and social impacts on the Sultanate in cooperation with a number of public and private bodies.
The evening will discuss a number of main topics, including the reasons behind the government’s tendency to apply the tax, the economic and social benefits of the its application, the impact of income tax on the private sector, producer, exporter and importer, small and medium enterprises, and the social effects of the tax on the end consumer and those with limited income, as well as the extent of readiness of application by all parties (government, private sector and end consumer). — ONA
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