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Are businesses ready for VAT in Oman?
VAT is live in Oman. The Sultanate joins three other GCC member states – the UAE, Saudi Arabia and Bahrain – but how ready were businesses for the implementation?
Businesses in Oman have had six months to prepare their organsations for VAT implementation. Ensuring VAT compliance however is a continuous journey in any business, given how often regulations can change and the fact that best-practice guidance is published relatively frequently.
During the countdown to VAT implementation, Thomson Reuters MENA ran a webinar poll to gauge levels of VAT readiness among entities that operate in Oman. While some organizations were clearly well-prepared to comply with the new VAT requirements from go-live, others still had some way to go.
Download our complimentary Infrographic to view our poll findings.
Using an indirect tax software solution to automate key VAT processes can simplify and streamline daily workloads; and take the pressure off company resources – all without disrupting existing ERP processes. This type of solution can connect seamlessly to the systems already in place, providing companies in Oman with the tools to do everything from determining the right amount of tax on invoices, to e-filing monthly VAT returns and running exception reports. Read more about practical solutions for VAT in Oman.
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