Muscat, Oman Chamber of Commerce and Industry (OCCI) will inaugurate its first specialized seminars next Tuesday as part of the annual program of the “evenings” initiative adopted by the current Board of Directors of the Chamber (2018 – 2022), under the title ” Value Added Tax: Potential Drivers, Targets and Impacts on Economy and Development.”

The evening aims to highlight the government’s drive to impose value added tax in terms of importance, advantages and disadvantages of application, to demonstrate its economic and social impacts on the Sultanate, in cooperation and coordination with a number of relevant public and private bodies and the participation of specialists, officials and experts in this field.

The evening will discuss a number of key themes, including the reasons behind the government’s efforts to implement the tax, economic and social benefits desired from their application, the impact of income tax on the productive, importing and exporting and the small and medium enterprises, the social effects of the tax on the final consumer, as well as the readiness to apply it to all parties (government, private sector, and the final consumer).

Abdul Adheem bin Abbas al- Bahrani, CEO of OCCI explained that the “evenings” program will include the organizing of evenings distributed throughout the year, topics will be selected from the reality of what is seen in the economic arena of developments and challenges facing them, taking into account the specificity of the Omani development experience and the composition of the private sector in the Sultanate, pointing out that the evenings will focus on the formulation of a common vision for the raised issues, including comprehensive solutions that the sector sees the possibility of adopting them in cooperation with the relevant authorities in the government and other bodies.

Source: Oman News Agency