GCC Indirect Tax Weekly Digest
November 4, 2020
VAT news this week
Feedback on the draft Value Added Tax (VAT) Executive Regulations was sought by the Oman Tax Authority from certain industry groups and interested parties by 1 November 2020.
We understand this feedback is being collated, assessed and taken into account – the Tax Authority has undertaken to release the Regulations by the middle of December 2020.
VAT implementation – key considerations and next steps
The news on VAT coming to Oman in April 2021 is well known – what is less understood is what businesses should be doing to ensure they are ready for this major fiscal reform.
To help, we have launched a VAT implementation summary document which provides:
- A general outlook on implementation;
- How VAT may impact your business;
- Potential risks;
- Common pre-implementation actions; and
- Deloitte’s approach to accelerating your VAT journey.
In addition Deloitte has launched its Oman Virtual VAT Academy - a series of webinars specifically designed to support businesses in Oman with their VAT implementation journey.
The details of each session will be shared in due course. As you know Deloitte has a dedicated team of VAT experts who can help your business navigate this tax reform by ensuring you understand the impact of all requirements, and provide practical, effective implementation support. Get in touch now – once again if you need input please contact Shaishav Udani, A. S. Saicharan or Sunita Taijwani.
This digest is for information purposes only and should not be construed as advice. It does not necessarily cover every aspect of the topics with which it deals. You should not act upon the contents of this alert without receiving formal advice on your particular circumstances.