Preparing and Managing your Business for VAT Compliance in Oman
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.
Originally Published by SKP, January 2021
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.