Oman has announced plans to introduce a five per cent value-added tax (VAT) in six months' time.
A royal decree has been issued in this regard.
The Oman News Agency stated that the tax will be imposed on most goods and services with some exceptions.
Healthcare, education, financial services, basic foodstuff, and supplies for people with disabilities will not be covered by the VAT.
The latest move is in line with a unified value-added tax agreement signed by GCC members in November 2016.
UAE-Korea business forum shines spotlight on high-growth sectors
The UAE-Korea Business and Investment Forum was held in Seoul on Tuesday, on the sidelines of President His Highness Sheikh Mohamed bin Zayed Al Nahyan's official visit to South Korea.
Alef Education to raise up to $515 million in stock market float
Alef Education Holding plc has announced the price range for the sale of its shares and the start of the subscription period for its Initial Public Offering (IPO) on the Abu Dhabi Securities Exchange (ADX).
UAE roads best in region, says World Economic Forum
The UAE ranked first among Arab countries and fifth globally for the quality of its roads, according to the Travel and Tourism Development Index 2024 issued by the World Economic Forum.
UAE's industrial sustainability highlighted at 'Make It In The Emirates' forum
The Federal Regulation for Energy Management in Industrial Facilities, the first regulation of its kind in the industrial sector, which aims to reduce energy consumption and accelerate decarbonisation, was a focus of discussions on day one of the "Make It in The Emirates" (MIITE) forum in Abu Dhabi.
AED 702m returned to buyers of stalled real estate project
A court in Abu Dhabi has settled 822 execution files, worth AED 702 million, over a paused real estate project in the UAE capital.
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Dubai Duty Free executive vice chairman and CEO, Colm McLoughlin, announced that he will be stepping down from his role after 55 years in the travel retail industry and 41 years of leadership at Dubai Duty Free. Colm joined the Business Breakfast to reflect on his epic career.
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It sounds like an episode of The Jetsons, but the sight of flying taxis whizzing around our cities could be much closer than you think.
The UAE has said that tougher penalties will come into force from 1st August for not keeping proper corporate tax records.
