Oil & Gas activities will be zero-rated for Value Added Tax (VAT) only for the upstream and midstream segments of Oman’s hydrocarbon business — a key source of revenue for — Omani economy.
According to tax experts of leading multinational professional services network PwC, downstream elements of the business — encompassing refining and petrochemicals — are likely to be standard rated at five per cent VAT, going by the Executive Regulations issued by the Tax Authority recently.
Source: hellenicshippingnews.com
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