Persons required to register for VAT Every person who has a place of residence in Oman; conducts a commercial, industrial, professional or other activity in Oman; and has annual supplies that exceed or are expected to exceed the Mandatory Registration Threshold i.e. 38,500 OMR...

The Sultanate of Oman announced the implementation of VAT in the state through Royal Decree no. 121/2020. The Royal Decree forms the basis of the new VAT regulations in the Sultanate. The tax authorities have ample time to formulate the required procedures and regulations on O...

What is the VAT rate and When will it be effective? Sultan Haitham bin Tariq approved the fact that Oman will introduce VAT by 5% and it will be effective from April 2021. VAT has been levied based on No. 121/2020 Royal Decree. As a member of GCC, Oman is the fourth country wh...

Technology has penetrated for good in different ways in almost every sector of a business these days. In the finance sector, particularly in the accounting departments, it has helped a lot. With more automation and less human intervention, it has increased the accuracy and has...

If you operate your business anywhere in the world, you will need to set up a payroll process in your organization. You may have only a couple, dozens, hundreds, or thousands of employees at your office, shop, school, hospital, or factory, but they need to be paid. Most import...

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...