Oman Value Added Tax - VAT Law and outline Crash course

Name: Oman Value Added Tax - VAT Law and outline Crash course
Rating: 4.4 (67 reviews)

Free introductory VAT course equip you with what you need to know.

Created byTanweer Sheikh

Last updated 1/2021

English

What you'll learn

Understand the principles of VAT and how it operates in the Sultanate of Oman
The impact VAT has on business and transactions.
Compliance and filing obligations for businesses
Responsibilities for businesses, their relationship with Tax Authority and timing of submissions.

Course content

1 section • 13 lectures • 40m total length

Title0:54
Introduction to Course and instructor
Introduction2:56
Introduction to VAT in the GCC and Sultanate of Oman
Why VAT is Important?6:39
Why do we need ot pay attention to VAT and its impact on the Economy of Oman
Vat rates and Output Tax3:59
The Various VAT rates that will be in operation and goods/services falling into these categories. What is excluded from VAT
Input VAT3:20
WHat is input VAT and how is VAT recovered by businesses.
Vat compliance5:24
How do businesses manage VAT and what are their obligations.
Penalties2:18
Punishments and penalties for businesses not following the VAT rules properly.
Place of supply3:36
How to know if VAT is due in Oman and the type of transactions that can imact this.
Date of supply2:09
What is the date at which VAT is triggered and when should it be reported.
Vat flow and example2:34
An example of how VAT flows through a supply chain transaction and paid to the Tax Authority in Oman
Transitional VAT provisions4:16
How is VAT going to be dealt with over lang standing contracts and those transactions which pass over the VAT implementation date - 16 April 2021.
Exise Taxes2:23
Another form of indirect tax that VAT practitioners should have some awareness of. The impact on certain goods and the increase in prices it would have.
Outro0:17

Requirements

Interest in Finance, accounting or business processes.
Tax in Oman
Basic Accounting
Tax Law
Basic understanding of business and transactions

Description

Join our free course for a comprehensive introduction to the VAT system in Oman, presented by Tanweer, a former PwC/Deloitte VAT consultant from the UK with over a decade of experience. Tanweer has extensive firsthand knowledge of GCC VAT, having been stationed in the UAE in 2018 to assist clients in the UAE and KSA with VAT implementation. His wealth of knowledge is perfect for those with little to no VAT experience.

What You’ll Learn:

In-depth Understanding: Gain a solid grasp of the main aspects of the Omani VAT Law and its application in Oman.
Business Impact: Learn how VAT affects all businesses, with the majority required to register.
Digestible Content: The course is based on the Oman VAT legislation released in October 2020, broken down into small, easy-to-understand sections with beautifully designed infographics.

Why Enroll?

Expert Instruction: Benefit from the insights of a seasoned VAT expert with over 10 years of experience.
Career Advancement: Whether you’re interested in working in Oman, currently employed in a finance role, or aiming to become a VAT expert for your company, this course is an affordable way to gain expertise and reach new career heights.
Preparation for Regulations: Equip yourself with the knowledge to understand the VAT law in time for the executive regulations.

Who Should Enroll?

Finance professionals looking to enhance their VAT knowledge.
Individuals interested in working in Oman.
Anyone aiming to become a VAT expert for their company.

Enroll Now: Take the first step towards mastering VAT in Oman. Enroll in our free course today and unlock new career opportunities with the guidance of an industry expert.

Who this course is for:

Business owners
Tax managers
Accountants
Global VAT practitioners
Finance and Accounts payable
Procurement and sales professionals
Students
Finance officer