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Are you ready for Oman VAT 2021?

October 13, 2020

While there was a lot of speculation in the market about the introduction of the VAT framework in Oman, the Govt. has finally announced to implement the VAT regime in Oman. This is based on a Royal Decree approved by Sultan Haitham Bin Tariq Al Said. Oman would be the fourth of six Arab Gulf states to introduce VAT. The six states had agreed to implement 5% VAT regime & signed GCC VAT Common Framework. The VAT framework in Oman will be based on the common set of VAT rules as listed in GCC VAT Framework.

In the rapidly evolving legal environment of the GCC, the introduction, policies & procedures of VAT is the hottest of hot topics up for discussion. Now after the announcement of Oman Govt, businesses have to get ready for the implementation of VAT in Oman. The introduction of VAT doesn’t just affect business operations but also the prices, marketing, accounting procedures & IT infrastructure.

We, MBG as an independent and international organization having experienced VAT team who are able to guide your organization through the full cycle of VAT implementation from the planning phase until post-implementation phase. Your organization will benefit from our in-depth knowledge and experience in advising clients on VAT Implementation in the UAE, KSA and Bahrain.

How to be ready for VAT

PHASE 1: PREPARATION & REVIEW

  • Identify key stakeholders
  • Review business, functions and as is situation
  • Communication plan for staff, suppliers, customers

PHASE 2: IMPACT ASSESSMENT

  • Review legislation
  • Transaction flows and process mapping
  • VAT impact assessment on business
  • Assess IT / accounting impact
  • Review sample contracts
  • Identify compliance requirements

PHASE 3: IMPLEMENTATION

  • Aligning processes and invoicing
  • Documentation
  • VAT technical support
  • User training
  • VAT manual and procedures
  • Reviewing contracts
  • Transition planning
  • VAT registration

PHASE 4: POST-IMPLEMENTATION

  • Review and filing of VAT returns
  • On-going advice on transactions
  • Restructuring

Why MBG?

MBG is an independent and international organization, which innovates and strategizes to develop sustainable solutions with a professional and personalized approach to drive business transformation globally. With our specialist expertise in cross-border investment and business structuring, we are committed to deliver value-added services.

Global Footprint: MBG has a global presence with 16 offices covering Europe, Middle East and Asia.

Global and Regional Indirect Tax Experience: MBG have VAT professionals with unrivalled understanding of the tax landscape in the Middle East, combined with significant VAT, GST and sales tax experience from other jurisdictions in Europe and Asia.

Team of Professionals: Our team comprises tax professionals who are highly experienced and able to guide your organisation through the full cycle of VAT implementation from the planning phase until post-implementation phase. Your organisation will benefit from our in-depth knowledge and experience in advising clients on VAT in the UAE, Bahrain and KSA.

Foreign desks: MBG’s unique multinational Foreign Enterprise Group services client’s in their domestic market and through our Global offices - bridging technical, cultural and linguistic barriers.


What can we help you achieve?

Stay one step ahead in a rapidly changing world and build a sustainable future with us.

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