Why Does A Company Require An External Audit?
Conducting an external audit can provide a company with several advantages. The most important of these advantages is that a third-party analysis of our organization would offer a fresh viewpoint…
Is VAT compulsory and applicable for your business in OMAN?
Check out the registration procedures!!! On April 16, 2023, Value Added Tax (VAT) will be implemented in Oman. It will be applied to companies with a yearly revenue of OMR…
What are the most common VAT challenges for businesses?
VAT Registration: One of the primary challenges that businesses face is understanding the VAT registration process and meeting the requirements for registration. This includes understanding the thresholds for registration, how…
RELEVANCE OF EXTERNAL AUDIT IN RUNNING A BUSINESS
The advantages of undertaking a business external audit are numerous. Some common benefits are listed below: 1.External Audit is useful when it comes to understanding the business:All the information regarding…
Getting ready for an audit?Examine the relevant documentation.
Following the registration of a company, the company must adhere to several regulations. Conducting an audit is one of these requirements that all businesses, regardless of size or industry, must…
Tax Updates for Oman
The Tax Authority has announced the regulations and terms for income tax exemption for all businesses operating in the following the high directives of His Majesty Sultan Haitham bin Tariq…
Vat regulations for free zones in oman
The provisions of the VAT Executive Regulations in Oman have classified the Special Economic Zone in Duqm and the Free Zones in Salalah, Sohar, and Al Mazyunah as Special Zones.VAT…
Registration of VAT through Online portal , opened February 1 , 2021
The tax administration opened up the registration for Value Added Tax and published a guide to the registration process on how to register for VAT through an online portal. Only…
Fiscal Balance Plan – OMAN
Note : The crucial measures to bring about income generation included in the plan are VAT introduction on 2021 , personal income tax for high income earners , and excise…
$779 Addition in Revenue from VAT in 2021
With the implementation of a 5% VAT in Oman it is estimated that this year will be estimated to bring in OR300 million . According to the 2021 Oman budget…
