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The Ministry of Finance is targeting September 1, 2019 for the implementation of the Value Added Tax (Oman) in Oman.VAT is imposed at each stage of the supply chain from the production and distribution to the final sale of the good or service. The understanding concepts of “Supply”, “Place of Supply” and “Time of Supply” become critically important for effective implementation of Oman VAT.
Value Added Tax (or VAT) is an indirect tax imposed on all goods and services that are bought and sold by businesses, with a few exceptions. VAT is applied in more than 160 countries around the world as a reliable source of revenue for state budgets.
VAT Regulations, VAT Laws and related guidance notes are under preparation so that VAT in Oman can be implemented from September 2019 effectively and smoothly.
Value added tax (VAT) is not just an accounting or tax challenge. It impacts every part of the business with regard to cash flow, costing of capital, pricing of products and services, financial reporting, tax accounting, compliance processes, supply chain, procurement and contracting, and all technology currently enabling this ecosystem. In addition, there will be significant training needs for personnel to understand and operate effectively under a VAT regime.
APMH has been extensively helping the companies in the UAE, Kingdom of Saudi Arabia and Bahrain to assess the impact of VAT and implement the same smoothly with optimum tax planning.APMH Tax professionals are ready to help clients and ensure that their transition to VAT is smooth and efficient, from training, planning to implementation and beyond.
In addition to the above expertise APMH also provides ERP Solutions designed to meet your specific needs.Our team of ERP consultants helps companies reduce the chance of implementation problems by helping manage complexity, risk, and data integration challenges.
Please feel free to get in touch with us if you have any questions or would like more information on our services.