Our Oman VAT Advisory Services
Oman VAT Registration
Executive Decision No.1/2021 issued by Oman Tax Authority on 04 January 2021 has specified mandatory VAT registration turnover threshold to be RO 38,500.However, companies having a minimum of RO 19,250 turnover can also apply for voluntary VAT registration.
Oman VAT Implementation
We can assist you in VAT implementation at your business that includes guiding you on system changes or reconfiguration so that your systems produce Oman VAT Law compliant invoices and you can correctly capture input VAT and record output VAT with accuracy. Any error in this process might affect your VAT liability and cause incorrect numbers in your VAT returns.
Oman VAT Filing
Oman VAT Regulations vide Tax Authority Decision No.53/2021 read with Article 72 of the Oman VAT Law mandate that Oman VAT returns shall be filed within 30 days from the end of the tax period.Article 100 of Oman VAT Law imposes a penalty of RO 10,000 for non-filing of VAT returns.
Non -Resident VAT Registration
We assist Non-Resident suppliers of goods and services to Oman to get VAT registration and related VAT related filings.
Oman VAT Accounting Services
Oman Taxation Authority issued Oman VAT Regulations vide its Decision No.53/2021 dated 10 March 2021. This decision has been published in official gazette No.1383. VAT regulations make it mandatory to maintain books of accounts. We have an experienced team to handle and provide Oman VAT Accounting services.You can outsource your Oman VAT billing , input VAT and output VAT tracking to us and we will maintain your accounts as per details provided by you.
Oman VAT Assessment Assistance
We have an experienced team to assist you in answering queries during Oman VAT assessment. We also have tie up with Law Firms in Oman to assist you during your Oman VAT assessment process to ensure that you are always compliant with Oman VAT Law..
Our Oman Income Tax Advisory Services
Our Auditing and Accounting Services
Audit Services
Our partner firms in Oman and UAE
Our partner firms in the Sultanate of Oman and United Arab Emirates are duly licensed to provide Audit services and we have well qualified team and experts in International Standards on Auditing (ISAs) and International Financial Reporting Standards.
Accounting Services
Onsite and Offsite Accounting Services
We maintain a pool of resources including qualified Chartered Accountants, Certified Public Accountants and experienced accounting professionals who can assist you in your accounting function.
Company Liquidation
Licensed to manage company liquidation in Oman and UAE
Our partner firms are licensed to manage company liquidation in the Sultanate of Oman and United Arab Emirates. We have experienced professionals who can carefully managed entire liquidation process.
Company Formation in Oman and UAE
Our partner firms are well experienced to assist clients in Company formation. We assist investors to have their company formed. We also assist them set up their operations in Oman and UAE with our well trained local support team
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Oman VAT and Income Tax News
Oman Confirms that VAT rate wont be increased beyond 5%
Oman is not planning to increase the value-added tax (VAT) beyond the current rate of 5 per cent, the Minister of Finance said.Speaking during a press conference to announce the proposed state budget for the year 2022, HE Sultan bin Salim Al Habsi said the current VAT rate will remain unchanged.
This comes after Bahrain’s parliament approved the doubling of VAT to 10 per cent. “We have seen some countries increasing the VAT tariff but our government has no intention of increasing the current VAT,” Al Habsi said.
Income Tax on Personal Income might be introduced in 2023
Oman is more likely to bring personal income tax in the range of 5-9%,” said Anurag Chaturvedi, chief executive of tax consultancy firm Andersen in the United Arab Emirates (UAE). He told Al-Monitor that industrial groups and agencies close to the government expect foreign nationals would be subject to a personal income tax rate between 5-9%, likely on Oman-sourced income above a threshold of $100,000.However there is no official word from Oman Tax Authority (OTA) on this matter.
Obtaining Oman Income Tax Card is mandatory
Oman Tax Authority and Oman Income Tax Law mandated that all business must obtain Tax Card which must be mentioned in all invoices and documents of the Company. Obtaining a Oman Income Tax Card is mandatory w.e.f. 01 July 2020.