Finance Business Partner, Middle East & South Asia
Rolls-Royce Marine
With VAT implementation less than six months away post the publication of the VAT Law in the Official Gazette on 18 October 2020, businesses would need to evaluate their readiness for implementing VAT, assess their preparedness, and revisit commercial clauses under ongoing contractual obligations with suppliers and buyers, etc.
We at Nexdigm can efficiently handle different aspects of the Omani VAT by assisting you by assessing the applicability of VAT, undertaking a complete risk assessment, analyzing the current position, suggesting a VAT compliant operating structure, and assisting in related business provisions. Considering the Sultanate’s focus on VAT, it would be prudent for businesses to comply and avoid a heavy penalty.
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The Oman Government has published the VAT law in the official Gazette on 18 October 2020. Oman is the fourth GCC country to implement VAT after KSA, UAE and Bahrain. This law will come into effect 180 days from the date of publication. i.e. 16 April 2021.
It is expected that the Executive Regulations to the abovementioned law can be issued by Tax Authority (not cabinet) by December 2020. Considering the timeline of VAT implementation, businesses would have roughly six months to prepare.
The main milestones to be noted and acted upon would be as below:
Considering the above timeline, a crucial role would be to identify a Partner that can manage the following activities.
VAT in Oman, similar across the globe, would be a tax on consumption that would require to be paid and collected at every stage of the supply chain. VAT would be imposed on a taxable person in accordance with the Agreement.
Mayank Lakhani
Senior Managing Director
Nexdigm (SKP)
mayank.lakhani@nexdigm.com
Saket Patawari
Executive Director
Nexdigm (SKP)
saket.patawari@nexdigm.com
Trupti Mehta
Director
Nexdigm (SKP)
trupti.mehta@nexdigm.com
Imran Siddiqui
Assistant Manager
Nexdigm (SKP)
imran.siddiqui@nexdigm.com
Need assistance for Oman VAT?