VAT Registration in Oman

In October 2020, His Majesty, the Sultan of Oman, Sultan Haitham bin Tariq bin Taimur, issued Royal Decree No.121/2020 to implement VAT in Oman at 5% from April 16 , 2021 but the detailed law yet to come with details clarification on final approval . Oman will be the fourth GCC State to enter in the VAT regime after UAE, KSA, and Bahrain.


General Rules:
Businesses with an annual turnover of more than OR 375,00 should apply for VAT registration , regardless the activity.

Mandatory Registration: It is mandatory for the businesses to register themselves if.

Annual turnover exceeds OR 375,00 & this threshold must have been exceeded in the last 12 months.
Taxable supplies can be made by the business in next 30 days that will have a value more than the threshold of mandatory registration.

Voluntary Registration:
The businesses that don't meet mandatory threshold criteria can opt for voluntary registration if.

The annual turnover exceeds OR 187,50 but is below OR 375,00and this threshold is expected to be exceeded in next 30 days.
In last 12 month duration, the taxable expenditure exceeds the worth of voluntary registration threshold.

Documents Required for VAT Registration:

1.   Copy of valid CR
2.   Copy of other CR’s Associated with same CR
3.   Certificate of Incorporation/ Registration Certificate (if applicable)
4.   Are you registering mandatorily (where turnover is more than OR 375,00) or voluntarily (where turnover/expenses is more than OR 187,50)
5.   Copy of OMAN ID and passport and Visa page of the owner/partners (all the owners/partners including sponsors)
6.   Mobile number and email of Authorized signatory /Manager
7.   Copy of Passport and Oman ID of the Manager (Manager as per license)
8.   Memorandum of Association (MOA)
9.   Contact Details of company (complete address & P.O Box with emirate)
10.   Primary bank account details including IBAN(This will be used for VAT refund purposes)
11. List other business of the directors/ partners in Oman in the last 5 years along with their Trade License copies (if applicable)
12. Copy of audited/unaudited financials for the last 12 months
13. Details of primary and secondary activities of the business (general description is required)
14. Expected revenue and expense for the next 30 days (an approximate number)
15. Supporting documents for customs registration in each Emirates (if applicable)
16. Estimated value of imports for one year from each GCC countries
17. Estimated value of exports for one year to each GCC countries
18. Whether you expect to deal with GCC suppliers or customers
19. If you are registered for VAT in any GCC member states and if doing business with any GCC country? (Country name, TRN, Estimated value of imports and exports (Omani Rial per year).
20. Do you have a trade name that differs from the name of entity (trade name along with legal name will appear on your VAT certificate).

VAT Return Filing

VAT return is a record or statement of the VAT paid on taxable supply of goods and services during a specified period. Usually, VAT returns are filled quarterly and monthly basis.

Royal Decree No.121/2020 Regarding Value Added Tax, a taxable person needs to submit VAT returns in Oman with the information and data specified for Tax purpose in accordance with the form, specified by the VAT Authority Oman.


When to File VAT Return ?
Timely filing of the VAT returns is essential for the registered businesses in order to be compliant with the rules and regulations laid down in the law. Every VAT registered business has to pay the VAT due (after adjusting the input VAT from the Output VAT liability) before filling the return.


Whom to File VAT Return ?
VAT return can be filed online using e-filing portal of VAT Authority Oman. There is no provision for filling the VAT return manually; it is entirely an online process and it has to be followed on a monthly and a quarterly basis.


How can we help ?
Professional tax consultants and accountants play very important role in VAT return filing. Their professional advice helps to the businesses in complying with the rules and regulations lay down by the tax authority. Our Team constantly keep track of the time-frame specified by the Oman VAT Authority and perform the function of return filing within the stipulated time, for ensuring smooth compliance of the law, and related rules and regulations.

VAT/TAX Accounting

Upon the VAT implementation in Oman and usually experienced in different parts of the world. It is to note that more than 152 countries are already following the value added tax system.

We believe the decision to implement VAT would cause drastic shift in the business arena of the nation as well as the whole region. Similar to most of the countries across the world, businesses in the Gulf region also will now have to started to implement VAT regulatory and statutory compliances and report the same on a periodic basis.

VAT Accounting is the specific task to get an insight of aggregate business of Total Input VAT & Out Put
VAT, The Accounts process start from the stage of purchase until the sales of Goods & Services.

Part Time Accounting

For any business, for its Success timely and proper process of accounting is an unavoidable task that should be carried out in the best manner. But no each of them have enough and trained resources to manage the same .

Secure Tag Consultancy services provide a full range of accounting and reporting services to assisting small to medium sized companies. Secure Tag Consultancy WLL helps businesses to comply with international accounting standards as well as companies’ act which require a true a fair representation of the financial statements. Our advanced Team of expertise differentiates our Accounting firm from other companies offering similar accounting and bookkeeping services in Oman. We provide timely, cost effective, scalable and customized accounting solutions.

Our team of skilled and qualified accounting professionals specialize in operational accounting, payroll, taxation, VAT , Internal Auditing and financial reporting to help your company remain focused at its core activity without losing sight of its numbers and performance.

Key Benefits of account outsourcing services are:
Save money from hiring Employees & Visa cost.
Enough time for you to focus on your client.
Access to new technology and reporting.
Trained & experienced expertise on your side.
A focused team delivering work on time.

Vat Amendment

When your business face an amendment requirements our Experienced Team can assist you overcome the problem &guide you in a best possible manner.

When your business face an amendment requirements our Experienced Team can assist you overcome the problem &guide you in a best possible manner

Our VAT consultancy Team Provide following advises:
Entity name / Owner name change.
Address Change / Location Change.
Amendments.
Application of VAT to cross-border transactions.
Maximizing the process and application of VAT recovery rates.
VAT accounting and related policies (e.g., VAT groups and reverse charge).

Regular Accounting Services

Looking for an accounting expert who can manage all your accounting related concerns professionally and accurately ?

At Secure tag, we deliver bookkeeping services and accounting Services, monthly, quarterly, and yearly, To depict the financial position to review including inventory, receivables, payables, Bank Reconciliation etc.

Our experienced professionals approach to accounting gives us a distinctive arena in the marketplace. We provide our services to businesses of all sizes and industries with a dedicated team of qualified and experienced accountants and financial consultants with extensive experience in accounting, financial reporting, financial management, internal audit and controls, Value Added Tax (VAT), Excise Tax, and other taxation concerns.

Our team of skilled and qualified accounting professionals specialize in operational accounting, payroll, taxation, VAT , Internal Auditing and financial reporting to help your company remain focused at its core activity without losing sight of its numbers and performance.

Our Accounting Services include:
Accounting & Book Keeping.
Management Consultancy& Advisory.
Internal Audit &Bank Auditing.
VAT Consultancy.
Liquidation.
ESR Filing.

Book Keeping Services

Bookkeeping is the first and foremost thing that is done for the purpose of accounting and financial reporting. It is the recording of financial transactions and information related to business activities on a daily basis.

A bookkeeper manages the transactions in the book of ledgers or in the accounting software on a daily basis. The process of posting transactions influences the Profit and Loss accounts, trial balances and nature of accounts which in turn affect the financial statements of the businesses. Book-keeping is the mainstay for having efficient VAT compliance for business.

Bookkeeping is the foundation step of accounting, using which VAT return filing, management of cash flows and businesses are done.

Our bookkeeping service includes following business solutions:
Bookkeeping for accounts receivable.
Bookkeeping of accounts payable and VAT invoices.
Ledgers Reconciliation.
Bank Reconciliation.
Cash book maintenance.
Recording of accounting transaction.
Reconciliation of credit cards.
Fixed asset register maintenance.
Sales register maintenance.
Purchase register maintenance.

VAT Billing Software

We Have Better Solutions And Build Better Products For You !

iTW ERP is a VAT (GST) supporting billing software with comprehensive inventory management system for small and mid- sized businesses. It offers a cost-effective solution for managing and integrating finances, inventory, and CRM.

Key Benefits of account outsourcing services are:
It is simple and flexible.
Simplify your business with a single solution that connects finance, sales, inventory, and CRM.
Easy-to-use interface customizable program with all the required reports.
Compare to other available ERP, iTW ERP is very affordable to small & medium sized businesses.

ERP for Typing offices

A Complete all in one software for your Typing Center for Oman.

Automated, simple & optimized Typing Center Application. Manage multiple application sources at one place. Reduce processing time and improve team performance. Engage with clients & vendors through TC. Customized role based access for team members.