Navigating the global tax compliance landscape successfully is complex and resource-intensive. Every country has a specific and constantly evolving set of legislated e-invoicing requirements.
Non-compliance, intentional or not, can result in significant financial penalties, business disruption, and reputational damage.
Oman has introduced VAT from 16th April 2021. VAT has been set at 5% on goods and services. Certain services will be taxed at zero-rated VAT, and others exempted.
The requirement for businesses to register for VAT will depend on business turnover, which has been outlined by the Sultanate of Oman.
The VAT Executive Regulations have been issued by the Oman Tax Authority ( Decision 53 of 2021 (in Arabic)) on 14 March 2021 – this will allow companies to properly prepare for the introduction of VAT in Oman, starting from 16 April 2021.
See here for further details.
Let us show you how we can support your business to send 100% compliant e-invoices in 54 countries. Please provide your details and one of our team will be in touch.