Oman Guide: VAT Training in Oman

Why do you need training on VAT in Oman?

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. The imposition of VAT on each stage of the supply chain, imports, and goods/services.

VAT is the more sophisticated approach to taxation as it involves businesses collecting tax on behalf of the tax authority and avoids any misrepresentation and tax evasion. Recently Oman has introduced a 5% VAT that will be applicable from 2021. The introduction necessitates individuals and business entities of Oman to be more knowledgeable in this area.

Who are we?

Aviaan Accounting is a Dubai-based outsourcing firm specialized in accounting and auditing services. We can help you because we have experienced tax experts that would help you with your tax needs. Our tax consultants have experience with VAT. Our training will ensure no errors occur when calculating taxes. It would ensure that your company stays clean and would also help identity valuable tax-related insight.

Why should you rely on us with your VAT training?

We have a team of 18 chartered accountants and 200 experienced professionals with VAT at the core of our knowledge and expertise. Our professionals have work experience in Oman with the appropriate strategies for the treatment of value-added tax.

Our training program will provide complete knowledge of theoretical aspects. Also, the real-life application of VAT accounts for business & individual clients.

We have dealt with VAT accounts of businesses that were from other member countries of GCC. We have the most relevant experiences that will help you to manage the VAT accounts of your business in Oman.

The reason why firms hire Aviaan Accounting for VAT requirements:

• Efficient Reviews and Analysis: At Aviaan Accounting, we ensure that all business contracts and documents are thoroughly reviewed and analysed. It ensures VAT returns are prepared properly to avoid errors, and so that VAT reports can be filed smoothly and on time.
• Training and Resources: We ensure that clients and their employees are well informed about the VAT taxation norms and understand the whole process of VAT filing. Moreover, we also ensure that clients have access to the necessary resources and technology to meet their company’s VAT preparation and taxation needs.
• VAT Compliance and Filing: At Aviaan Accounting, we not only clear client doubts or queries with regards to anything VAT-related. We also help adhere to VAT laws in Oman and with the VAT filing process.

What are the areas of Value Added Tax our training program will cover?

VAT Registration in Oman

Maintaining and updating all financial records, transactions, and business accounts is essential for every corporate entity. The business that fulfils the criteria of minimum annual turnover should get itself registered for VAT in Oman. Registration means that the company can charge VAT to its customers and remit the same to the Tax authority. Registered businesses are allowed to do the following:

• Charge VAT on the taxable supply of goods and services
• Claim Input Tax Credit on VAT paid on their purchases
• Payment of VAT to the government
• Filing of VAT return as per VAT Law

Our training prepares you for the information required during VAT registration in Oman before creating an e-service account. Most important information includes details of the business, contact/banking information, business partnership, and declaration.

Theoretical and primary knowledge of VAT

From 2021, each taxpayer and business organization will have to pay value-added taxes on the supply 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.

Our training program clearly explains all about VAT, goods & services liable to VAT and why liable to VAT. This theoretical background will help you in dealing with your VAT filing and assessment in a meaningful way.

VAT TRN Number in Oman

Oman issues Tax Registration Number after registering for VAT Oman. It is a unique number that differentiates a company from others. VAT verification gives the company a strong position among its internal and external stakeholders. It increases the credibility in a way that the company is not involved in tax evasion practices. TRN facilitates the preparation of tax invoices during a transaction, claiming a tax refund, and filing VAT returns.

What are Goods and services under VAT Dubai?

According to Executive Regulations and Federal Decree, goods are any form of property that can be supplied. It includes real estate, energy, and water. By services, VAT Law means anything other than goods that can be supplied are services.

Application and special treatment of VAT under GCC’s VAT agreement

Of the six state members of GCC, Oman is the fourth 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 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 supply are not liable to VAT in Oman. Tax regulatory bodies of Oman specified products and supplies that will be exempt from the standard 5% VAT rate. 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 for making an informed supplies purchase decision.

Invoicing VAT

Businesses in Oman need to invoice their VAT generating transactions clearly and precisely for using them as source documents in calculating VAT payable, claiming VAT refund, and filing returns.

Our specialized professionals will help you in generating invoices in the appropriate format. They will explain every component of the invoice so you can create the invoices accurately.

We will also help with calculation the taxable value on which VAT will be imposed and demonstrate to 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. Businesses in Oman must keep accounts of their VAT-related information from 10-15 years, while real estate-related accounts for 15 years as per Oman VAT law.

Our technologically savvy accounting and audit experts will facilitate you by demonstrating digital platforms where you can store your VAT-related information for prolonged periods.

How to File VAT Return in Oman?

VAT Returns through an online portal provided by Oman Tax Authority. All businesses need to provide information regarding sales, purchases, output, and input VAT in the designated areas of the VAT return form available on the portal. The return has different categories which a taxpayer needs to fill to complete the process of VAT filing. The sections in the VAT return include:

• Taxable Person Details
• VAT Return Period
• VAT on sales and all other outputs
• VAT on expenses and all other inputs
• Net VAT Due
• Additional reporting requirements
• Declaration and Authorized Signatory

Our VAT training in Oman helps you understand all the sections of VAT Return with appropriate examples. We prepare you to successfully filings VAT returns on time and avoid penalties.

Penalties related to VAT

Businesses in Oman are liable to penalties on delay registering or pay VAT to the appropriate authorities. The entity can be imprisoned for three years or fined from OMR 5,000.00 to 20,000.00. For other minor errors, fines are claimed at different volumes 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 legal punishment by the concerned authorities. Our VAT training helps people understand how to keep themselves free from these types of legal complexities.

What skills learned during VAT Training in Oman?

VAT Consultancy: It will help you with VAT registration and with maintaining a record of your tax invoices so you can avoid any penalties.

VAT Deployment: The training will help you with moving to the tax process transition.

VAT Compliance: It ensures that you file your VAT return on time. Our VAT training will help you find all the applicable compliance requirements according to Oman VAT law.

VAT Filing: Our VAT training will help you record and file client invoices the right way at the right time, so you don’t get a penalty.

VAT Registration: It will help you stay clear on the documentation end and hassle-free registration with the concerned authorities.

What are the advantages of VAT training in Oman?

The Value Added Tax applies to almost every business in Oman. VAT law requires compliance at every corner of running an organization, from the foundation to smooth running. It is not easy as extra information and knowledge are essential to handle it properly. 

Professional VAT training is quite popular as it helps improve tax management and tax planning for all types of companies. It is wiser for organizations to participate in such training programs. These are the following advantages of hiring an expert VAT training firm for the expansion of the business under the government rules:

• Superior Knowledge: The knowledge required for the smooth running of business following all the tax-related rules and limitations is immense and stressful. It is advisable to get VAT training in Oman for this part of the business rather than doing it without training. The tax structure is complex to understand for people with no accounting background.
  VAT consultants have superior information related to the VAT structure. They keep themselves updated and compliant with the current rules of business under the Oman government. They have minute information and details related to all the taxing and accounting.
• Felicitates Easy VAT Registrations: VAT registration is essential for the legal running and efficient working of the company. The owners must get their business registered with the government rules and regulations of VAT. It is not easy to apply for it and get it done without asking for professional training.
  Our VAT training in Oman helps you get access to easy registration of VAT for the company. It aids the businesses to get legalized and authentic in the eye of the government. With all essential documents and papers, no government can terminate the license and working of the business. The company that is not registered for the VAT and fails to have all the documents makes it hard for them to run the business for a longer time.
• Time and Efforts Saving: It takes a lot of effort and time to understand all the tax structures. Our training helps to save time and efforts and focus on the growth and implement new ideas into the business. It is wiser to hire expert VAT consultants in Oman. They try to plan the training program in favour of the people for clear understanding and save their money big time.
• Offers Best Advisory Services: People trained in VAT give the best advice that earns the maximum benefits within the laws. They suggest methods to save money by investing them in appropriate areas to reap benefits from the tax-saving schemes.
• Helps in making decisions on Legal and Business Structure: VAT training in Oman with the appropriate knowledge of invoicing and taxes helps people make valuable decisions related to business structure and legal formalities. It helps keep the businesses compliant with the government rules and regulations for smooth running.

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.