Value Added Tax (VAT) is the end user tax proposed to be introduced in the Sultanate of Oman from April 2021. VAT will have a significant impact on the mode of operations of any business and brings about new compliance requirements. VAT has a broad scope and businesses will have to consider the impact of VAT on all their transactions and the potential impact on prices and margins. Businesses may be required to make changes to their core operations, financial management practices, the procedures they use to maintain accounting books and records, the technology they use in their accounting practices, and in addition to changes in their human resources (accountants, tax advisors, etc.) Our competent large team with expertise in VAT implementation in the UAE, Kingdom of Bahrain and India is equipped to serve clients in the Sultanate of Oman.
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