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 officials meet with Kazakh financial monitoring agency
UAE representatives hosted a series of high-level meetings with a delegation from the Financial Monitoring Agency of the Republic of Kazakhstan (FMA-RK) in Abu Dhabi, the Emirates News Agency (WAM) announced on Saturday.
Three new pharmaceutical factories established in Sharjah
Three new pharmaceutical factories with a combined investment value of AED 308.7 million ($84 million) have been established in Sharjah, joining existing pharmaceutical plants in the emirate.
High-Speed train to contribute AED145 bln to UAE GDP
Chief Projects Officer at Etihad Rail, Mohammed Al Shehhi, highlighted the pivotal role of the high-speed train in bolstering the UAE's economic growth.
AD Ports Group signs Egypt MoU for Alexandria Port operation
AD Ports Group and the Egyptian Ministry of Industry and Transport have signed a Memorandum of Understanding (MoU) to explore logistics infrastructure collaborations in Alexandria.
Netflix shares jump as subscribers surge
Netflix shares soared in US premarket trading on Wednesday after the company reported a blockbuster holiday quarter as a robust content line-up and its entry into live sports streaming brought in a record number of new subscribers.
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Hear the highlights from the week gone by on Dubai Eye 103.8. Listen again to the best interviews, advice and the top stories that has gripped our conversation this week.
UAE President Sheikh Mohamed Bin Zayed Al Nahyan’s visit to the US to boost economic and technology ties including AI.
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