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Oman VAT is expected to get implemented across Oman on April 16th, 2021. Oman would be the fourth of six Arab Gulf states to introduce VAT as part of a 2016 VAT union agreement. The six states had agreed to implement a harmonised 5% regime. So far, only Saudi Arabia, UAE and Bahrain have done so.
The mandatory Oman VAT registration threshold is OMR 38,500. However, it is possible to apply for a voluntary registration above OMR 19,250. Non-resident businesses will be required to VAT register if they provide taxable supplies, irrespective of registration threshold limit.
The Oman tax authorities have recently released ‘VAT Registration Guide (Transitional Period)', that explains the registration requirements for businesses and individuals. It covers different aspects such as liability to register for VAT and the registration requirements in the period before the VAT law is effective (i.e., the Transition period).
The guide has clarified that the below-mentioned steps should be followed in case any business/individual wants to register for VAT.
Read more on: Who is required to register for VAT
After calculating the annual supplies, the person required to register must submit an application for registration with the tax authority within the dates specified by Decision of the Head of the Tax Authority.
The date of registration is the date on which the registration becomes effective, and the registered person must comply with all provisions of the law as of this date, such as issuing tax invoices, keeping accounting records, submitting tax declarations and other tax obligations.
Note: A person who may voluntarily register may apply for his registration to the tax authority at any time starting February 1, 2021.
Businesses that meet the above criteria can start enrolling for VAT by logging in to the online VAT registration portal provided by Oman tax authorities. VAT registration is a simple process, just follow the below steps:
Here are the steps to register your business for VAT in a gist!
Once the VAT registration certificate is obtained, the following actions would be required –
Being tax compliance is extremely crucial for business owners. TallyPrime ensures that the software is always prepared for any latest statutory changes for smooth functioning of your business. Take a free-demo and stay on top of your tax game, always.
Businesses that meet the above criteria can start enrolling for VAT by logging in to the online VAT registration portal provided by Oman tax authorities.
Know more about Oman VAT
Introduction to Oman VAT, VAT Invoice in Oman, How is Introduction of VAT going to Affect Oman Economy?, What Are the Benefits of Applying VAT in Oman?, VAT Rate in Oman, Who Should Register Under Oman VAT, Zero-Rated supplies in Oman VAT, Exempt Supplies in Oman VAT, What is VAT and How does it work, VAT Registration Deadline in Oman, Business Benefits of Voluntary VAT Registration, How to Calculate VAT in Oman?, What are the Taxable Goods and Services Under VAT in Oman?, How does VAT affect Omani businesses?, Stay VAT Compliant with TallyPrime’s Amazing Capabilities