In our previous blog, we studied in brief about the Oman VAT implementation that is scheduled for early 2022. Imran Mushtaq, the indirect Tax Director, VAT lead for PwC in Oman recommended businesses to plan and budget for VAT, assuming the treatments in other implemented states as an indicator for possible execution conduct in Oman.
Here are some of the ideal steps that businesses must be headed toward:
- Scoop out a VAT working team from the individuals working for your organization
Other than hiring a professional group of consultants for VAT specialist advice, businesses should appoint an internal VAT team to scrutinize VAT developments and confirm the inclusion of VAT in future budget and other execution plans.
- Spread VAT awareness
Businesses must ensure that appropriate steps are undertaken to educate employees about the potential scope, technicalities, and terminologies related to the upcoming VAT taxation.
- Record transactional course comprehensively
Being a transaction tax, the new taxation regime is going to have an undeniable impact on transactional businesses. As each transaction would prompt a VAT-related outcome, a comprehensive business environment should be planned accordingly to address the upcoming changes. Maintaining a transaction chronicle diligently in advance may be one of the good practices to help prepare for possible VAT treatments.
- Contractual revisions & contract reviews
Contractual terms must be revised and previous contracts must be reviewed to ensure that they comply with the probable VAT conduct.
- Check IT infrastructure for compliance
The VAT implementation schedule coincides with a widespread trend for greater adoption of advanced technologies and digitized processes. Businesses leveraging digital transformation advisory service to devise their digitization strategy should now coordinate their plans for VAT implementation too. While IT systems are being evaluated for advanced digitization capabilities, they should also be assessed to see whether they can prepare and issue VAT compliant invoices and returns.
- Recognize the right resources for better preparation & implementation
Businesses must partner with seasoned industry consultants having an impressive history of working with GCC clients for VAT implementation. They must be all set to design VAT implementation roadmaps in advance by coordinating with VAT advisory specialists.
Contact us today for free VAT consultation
We, at Millennial Partners, have served thousands of GCC clients and are already working with many for preparations for VAT implementation in Oman.
Millennial Partners (millennial.ae)prides itself on serving clients’ most pressing organization transformational needs across people, processes, and technology through its own proprietary frameworks. Our digital transformation offering is most relevant to the increasingly digital enterprise and consumer environments. We follow a coherent roadmap that includes incorporating the most cutting-edge technologies and vendors focusing on technologies such as enterprise Blockchain, Artificial Intelligence, and IoT.
Should you have any questions and or would like some focused professional advice, please don’t hesitate to reach out via our e-mail at firstname.lastname@example.org.