Taxation

TAX AND CORPORATE COMPLIANCE

CORPORATE FINANCE

We have remarkable track records with dedicated professionals highly experienced in advising on the execution of acquisitions and divestments, arranging strategic partnerships, raising capital, valuing businesses, analyzing and structuring financial instruments and turning around financially troubled companies. We often serve as primary financial advisor to private and public sectors

CORPORATE TAX

Most responsible individuals and businesses want to pay the correct amount of tax that they owe. Our tax experts help you to get a complete analysis and your needs with registration, collection and filing etc.

REGULATORY COMPLIANCE SERVICES

As a top regional Auditing firm, our expert regulatory compliance team analyzes both federal and state regulatory prerequisites, and assists in meet your regulatory burdens as well as gives training and instruction on current and future business or legal due diligence requirements.

VAT (Value Added Tax)

The Value added tax (VAT) is a consumption tax placed on product whenever value is added at each stage of the supply chain, from production to the point of sale.

Oman would be the fourth of six Arab Gulf states to introduce VAT as part of a 2016 VAT union agreement.

Oman VAT 1 April 2021

Oman introduced Value Added Tax from 1 April 2021. Key features of the regime include:

VAT registration

Businesses are able to apply for a VAT registration threshold from 1 January 2021.

VAT registration threshold

The mandatory VAT registration threshold is OMR 38,500. However it is possible to apply for a voluntary registration above OMR 19,250. The threshold is based on annual sales for the rolling preceding 12 months. Non-resident businesses making taxable supplies in Oman must VAT register.

VAT invoices

The following minimum information must be included in a VAT invoice. There is also an option for a simplified invoice

  • Supplier name, address and VAT identification number (VATIN)
  • “Tax Invoice” clearly indicated on the invoice
  • Date of invoice
  • Date of taxable supply of goods or services
  • A unique sequential invoice numbers
  • Customer details – name and address
  • Details of supply – quantity of goods etc.
  • Gross value of supply in OMR
  • VAT calculation
  • Net value of supply

Zero rated supplies:

Certain supplies will be zero rated for VAT:

  • Exports of goods or services
  • Certain financial services
  • Education

Exempt supplies:

Certain supplies will be exempted including:

  • basic foodstuffs; 
  • rent; 
  • healthcare;
  • public education; 
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