VATupdate
VAT

VAT treatment of key transactions for oil and gas sector clarified

Following the introduction of VAT in Oman on 16 April 2021, the Ministry of Energy and Minerals (MEM) released letter number MEM/US/1161/2021/2830 on 31 May 2021 to clarify the VAT treatment of certain critical transactions for the oil and gas sector, including cash calls, quality bank adjustments, and pipeline tariff charges. The clarification has come directly from the MEM in consultation with the Oman Tax Authority (OTA) and the two will continue to work together to provide further clarity on sector specific transactions/issues periodically.

Source: Deloitte

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