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Oman virtual VAT academy
The link between VAT and Customs
With the progressive implementation of VAT in Oman from April 2021, companies active in the import and/or export of goods into and out of the country are expected to be faced with a series of implications that this indirect tax will have on their business.
Some of these challenges include alignment between fulfillment of VAT formalities and requirements on one hand, and the procedures of Customs on the other hand. In addition, with the introduction of a VAT system, and its particularities regarding importation and exportation of goods, the import and/or export process will in many cases need to be revised, and a closer in-house involvement, including that of finance, will be required.
Deloitte’s indirect Tax practice in Oman is holding the third session of its Oman virtual VAT academy on Tuesday, 24 November, 2020. The aim of this session is to introduce the basic principles that will govern the link between Customs formalities and VAT requirements in the country and point out the typical pitfalls, and provide practical tips and tricks on how to cope with this change. The agenda on the day is listed below.
- Imports, Import VAT and documentation;
- Exports and documentation;
- Free zone and customs suspension regime; and
- Valuation issues.