Oman VAT

Say No to VAT Nightmares in Oman

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A value-added tax, referred to in certain nations as a goods and services tax, is a sort of tax that is surveyed incrementally. It is collected on the cost of an item at each phase of production, sale, or dissemination to the end consumer. Oman is at present set to be the fourth GCC state […]

Oman VAT

5 Steps to Simplified VAT Return in Oman

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VAT implementation in Oman was announced on 12th October 2020, issuing the standard rate of VAT of 5% and is consistent with the GCC Unified Agreement. VAT law published in the Official Gazette of Oman on 18th October 2020, contains 106 Articles divided into 13 chapters covering all the provisions relating to registrations, taxable value, zero-rated […]

Oman VAT

The Definitive Guide To VAT in 2021

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Value Added Tax (VAT) is an incidental tax applied on goods and services for an added value at each production pace starting from the raw material till the end retail product. Since the consumer bears the whole tax, VAT is also known as a consumption tax. This Oman VAT guide 2021 will talk about the 5% of […]

Oman VAT

Best Guide for VAT Implementation in Oman

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A couple of months ago the Sultan of Oman, Haitham bin Tariq Al-Said, issued an official decree announcing VAT implementation in Oman starting in 2021. The new law and the agreed-upon VAT rate in Oman is part of a broader 2016 agreement between all the Gulf Cooperation Council (GCC) states and Saudi Arabia. Following the […]

Oman VAT

What, Why and When? – All About Oman VAT

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The intent escalated in the year 2018 but postponed to 2020, is now all set to take place. Passing the Royal Decree No 121/2020, the Sultan of Oman, Haitham bin Tariq Al-Said issued the law in relation to the prologue of 5% VAT in Oman expected to be implemented since April 2021. After following the […]

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How VAT is helping Bahrain in economic development?

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As a major worldwide tax instrument, VAT helps in reinforcing economic growth. On January 1, 2019, GCC countries along with the Kingdom of Bahrain have implemented VAT intending to increase the revenue base of state and create funds on the market for development purposes that may accelerate the economic process. VAT is an obligatory tax return […]

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Growth Strategies for Accounting Firms In Bahrain

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Every company hopes to grow and diversify the business and wants to create a trusted client base. The same is applicable to accounting firms in Bahrain too. In comparison to other companies, accounting firms usually get plenty of opportunities for business expansion, to increase their client base. And if they use such opportunities wisely, they […]

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External Audits For Improved Efficiency Of Accounts Payable

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Amongst many responsibilities within the organization, maintaining a stronghold on accounts payable procedure is the most critical one. In case of improper oversight of this process, there are chances of errors that can negatively affect the business esteem and affects its bottom line.  Overview Accounts Payable Audit is quite a time consuming and effort investing […]