Taxation
TAX AND CORPORATE COMPLIANCE
CORPORATE FINANCE
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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 16 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;
