Fazmia NezNov. 12, 2020
After the VAT law was published in the Official Gazette on 18 October 2020, Oman will be the fourth GCC country to execute VAT after KSA, UAE and Bahrain. This law will come into effect 180 days from the date of publication, i.e., 16 April 2021. Considering the timeline of VAT implementation, businesses would have around a half year to plan.
It will be imperative for organisations to possess a complete understanding of Oman VAT law and its implications. The organisations also need to evaluate their readiness for implementing VAT, assess their preparedness, and revisit commercial clauses under ongoing contractual obligations with suppliers and buyers, etc. Oman now plans to execute a 5% VAT.
The compulsory VAT registration threshold is OMR 35,000. However it is conceivable to apply for a voluntary registration above OMR 19,250. Non-resident businesses will be required to VAT register if they provide taxable supplies.
The following minimum data must be included in a VAT invoice. There is also an option for a simplified invoice
Zero rated supplies:
Certain supplies will be zero rated for VAT:
Certain supplies will be exempted including:
VAT ACCOUNTING SOFTWARE
Obviously, the cost of living will be increased as far as people are concerned. The industries in Oman will also take some time to adjust to the new VAT regime. One of the hurdles the industry may face is making the Oman accounting software compatible with the new VAT structure.
Technaureus Info Solutions Pvt. Ltd. , a top service providing organisation of Odoo Implementation in Oman, mainly focusing on Odoo VAT erp services such as, Odoo Implementation, Odoo Customization, Odoo Migration, Odoo Support and Odoo Training. Thus, Technaureus acts as one of the best trusted erp implementation partner in Oman consistently serving the efficient implementation and customization in Odoo erp. We make your business more streamlined with our Odoo ERP services. Catch weight erp with odoo was such a software. We elevated our name in various regions of Oman namely, ” Muscat, Salalah, Sohar, Nizwa, Sur, Bahla, Seeb, Ibri ” etc.
As the part of odoo implementation in Oman the software we have developed for VAT in Odoo is very simple and easy software. This Oman vat ERP software is useful for small and medium companies. The user can scale any time the Odoo system by customization to meet any requirements. We hope the apps related to Oman VAT in Odoo will be very useful for you in Vat & Tax related issues. In addition to this, we also elevated our name in the area of odoo implementation in Sharjah,Kenya, Oman,Thailand, Dubai, USA, Sri lanka, Hong Kong, Abu Dhabi, Russia, Qatar, Morroco, Serbia, Australia, Taiwan, Kuwait, Paris, Nigeria, Oman, Maldives, Austria and so on..