VAT in Oman is likely to get applied from April 2021. Oman would be the 4th of 6th Arab Gulf states to announce VAT as part of a 2016 VAT union agreement. The six states had been granted to implement a harmonized 5% regime. The mandatory Oman VAT registration onset is OMR 38,500. But, it is likely to apply for a volunteer registration above OMR 19,250. Non-resident industries will have to VAT register if they offer taxable goods, regardless of the registration threshold boundary. Find Below VAT Registration Guide in Oman.
Key highlights of VAT registration guide of Oman
The guide has explained that the below-mentioned steps must be followed in case any industry or individual needs to register for VAT.
- Decide whether the individual is obligated to register or not.
- Determine the constituents of the annual goods for the purposes of registration.
- Analyze or evaluate the total value of goods for the periods.
- Approving the registration date based on the result of computing or estimating the total value of goods.
- Apply for registration as per the processes that will be explained by the tax authority.
VAT Registration Timeline
After calculating the yearly goods, the person required to register must give an application for registration with the tax consultant within the dates stated by the Decision of the Head of the Tax Authority. The date of registration is the day on which the registration turns into effective, and the registered person must fulfil all necessities of the law as of this date, such as delivering tax invoices, keeping accounting histories, submitting tax statements, and other tax responsibilities.
How to apply for VAT registration?
Companies that meet the above conditions can start registering for VAT by logging in to the online VAT registration website provided by Oman tax experts. Steps for VAT registration are mentioned below:
· The individual has to register must visit the tax authority’s portal i.e. https://taxoman.gov.om/portal/ar/home
· Then the individual has to log in with the electronic authentication provision
· Fill out the electronic form to register for VAT wisely
· Make sure the accuracy of the data and confirming that the application fulfills all the essential documentary requirements
· Submit the application and preserve the receipt of the application from the tax authority
· The tax expert reviews the registration application, and if accepted, it will issue a VAT registration license that comprises the registration number and other info such as the date of the registration beginning, tax periods, etc.
Being tax consent is exceptionally essential for business holders. TallyPrime confirms that the software is constantly prepared for any up-to-date statutory variations for the smooth working of your business.