The Oman Tax Authority (OTA) has published a summary document in English on the Value Added Tax (VAT) Executive Decisions it recently published in Arabic.
The summary document pertains to the following VAT Executive Decisions:
The document provides an overview of the mandatory and voluntary VAT registration thresholds, the registration periods for businesses depending on their annual turnover, and a list of food products which are subject to the zero rate of VAT.
To help businesses understand the VAT guides and be prepared in order to meet their VAT compliance obligations, Deloitte has prepared an analysis which provides an overview of these topics.
With the implementation of Value Added Tax (VAT) in Oman starting from 16 April 2021, companies active in the Consumer Business (CB) industry are expected to experience a significant impact on their business operations. The intricate supply chains and supplier-customer arrangements which form a basis of the CB industry will be affected by VAT, which can create additional complexities for the industry. Bearing in mind the penalty regime as per the new legislation, it is essential for businesses to understand the application of these rules in order to reduce the risk of non-compliance and also effectively manage their VAT position.
Deloitte’s indirect Tax practice will therefore dedicate the seventh session of the Oman virtual VAT academy to the consumer business industry. The session will be held on Tuesday, 26 January 2021 at 2pm Oman time and will discuss how VAT interacts with companies within the CB industry and what the likely industry issues they might be facing in preparation for entry into the VAT system. Below are some of the topics that will be discussed in more detail during the webinar:
This digest is for information purposes only and should not be construed as advice. It does not necessarily cover every aspect of the topics with which it deals. You should not act upon the contents of this alert without receiving formal advice on your particular circumstances.