Why do you need training on VAT?
Gaining knowledge on the requirements, treatment and calculation of value-added tax has become a must for individuals who have to pay taxes and for each business in Oman. Recently Oman has introduced 5% VAT that will be applicable from 2021. So, the necessity of being more knowledgeable in this area has increased to the individual and business entities of Oman.
Who are we?
Aviaan Accounting is a Dubai based outsourcing firm specialized in accounting and auditing services. Our skilled human resource and efficient use of modern technology will drive superior value for your business.
Why should you rely on us with your VAT training?
We have 18 chartered accountants and more than 200 experienced professionals on accounting, auditing, taxes etc. VAT remains at the core of our knowledge and expertise. Throughout our professionals’ work experience in UAE, Dubai and Oman, we have perceived the appropriate nature of treatment for value-added tax.
Through our training program, we are going to provide training on complete theoretical aspects and real-life application of VAT account for business and individual clients.
We have dealt with VAT accounts of businesses that were from other member countries of GCC. So, we have the most relevant experiences that will help you to manage VAT accounts of your business in Oman.
What are the areas of Value Added Tax our training program will cover?
❖ A theoretical and primary knowledge of VAT
From 2021, each taxpayer and business organization will have to pay value-added taxes on their purchase of different products and services. But not all of you have expertise on VAT. Even many of you do not know how to calculate VAT.
In our training program, we will clearly explain to you what VAT is, how the government is benefitted from this, why it is levied, on which goods and supplies VAT are imposed etc. This theoretical background will help you in dealing with your VAT filing and assessment in a meaningful way.
❖ Application and special treatment of VAT under GCC’s VAT agreement
Of the 6 state members of GCC, Oman is one and in introducing VAT, it has followed the instructions given by GCC. This council has its VAT treatment procedures and regulations.
Our training program addresses the specific issues and VAT treatments of GCC that will be applicable in Oman. It also highlights the advantages of supplying goods and services among the other states of the Gulf Cooperation Council.
❖ Classifications of goods and services in term of Value-added tax
All of the goods and services that businesses and individual entities purchase do not fall under VAT charging category. There are some goods and supplies on which no VAT is imposed in Oman. Tax regulatory bodies of Oman also specified products and supplies that will be exempt from the standard 5% VAT rate. They have also mentioned supplies that will enjoy reduced VAT charging facilities. So, based on the different treatments of VAT on supplies, they are classified into different categories.
We will highlight each of the categories to make the supplies acquainted with our clients so that they can make an informed supplies purchase decision.
❖ Invoicing VAT
Businesses in Oman need to invoice their VAT generating transactions clearly and precisely as these invoices will be used as source documents in calculating their balance of VAT account, VAT refunds and returns.
Our specialized professionals will provide you with the appropriate invoicing format, will explain every component of the invoice to you so that in later periods, you can give input on the invoices accurately.
We will also help you in calculating total value on which VAT will be imposed and demonstrate you the ways for determining the net amount of VAT for the supply of a particular item.
❖ Reporting information regarding VAT
For claiming returns or refunds on your value-added tax, you need to collect all the invoices and other relevant records as proof and cross-check the amount. For businesses in Oman, it is instructed to keep records on their VAT related information from 10-15 years. Information on real state related transactions must be recorded for 15 years as per the tax regulations applicable in Oman.
Our technologically savvy accounting and audit experts will facilitate you by demonstrating digital platforms where you can store your VAT related information for longer periods.
❖ Penalties related to VAT
If any entity on whom VAT redemption has become an obligation, delays to register or pay VAT to the appropriate authorities, the entity can be imprisoned by 3 years or can be fined from OMR 5,000.00 to 20,000.00. For other minor errors, fines at different volumes can be claimed by the government authority. Repeated breach of VAT regulations by a business will result in double punishment.
Sometimes, the reason for punishment for any business seems to be their ignorance or lack of knowledge on the right process. Our firm will help these entities to inform all of the possible ways by which they may accidentally experience fine or legal punishment by the concerned authorities. We will also suggest them during our training period on how to keep themselves aloof from this type of legal complexities.
Contact information
If you want to know more information about our services or if you want to be part of this training program, please contact us at info@aviaanaccounting.com. We are always available for delivering you quality services at a very affordable rate.