/** * The main template file * * This is the most generic template file in a WordPress theme * and one of the two required files for a theme (the other being style.css). * It is used to display a page when nothing more specific matches a query. * E.g., it puts together the home page when no home.php file exists. * * @link https://developer.wordpress.org/themes/basics/template-hierarchy/ * * @package WordPress * @subpackage Tally * @since 1.0.0 */ ?>
16th April,2021 is the day on which Oman VAT is expected to be implemented. With VAT being an indirect tax, businesses will be entrusted with the responsibility to levy, collect, and remit the tax to the government. To levy VAT, the businesses need to register with Oman VAT authorities and only then, they are authorized to charge VAT on the taxable supplies. Now, the important question is “Who should register under VAT? Should all businesses that are making supplies be registered?
The answer is ‘No’.
Oman VAT Law and tax authorities have issued guidelines that prescribe the businesses responsible to register under Oman VAT. Let’s understand what type of business should register.
The Oman VAT law mandates every person who conducts economic activity and has a place of residence in the sultanate, should apply for VAT registration. In other words, any person who meets the following conditions should register under Oman VAT.
Now, that we know the persons who are required to register, not all of them need to necessarily register. Only those businesses crossing the defined annual supplies turnover threshold are liable to register under VAT.
Based on the registration threshold, a business will either be:
Read VAT Rate Structure in Oman |
All the businesses who have a place of residence in Oman and whose value of supplies in the previous 11 months and the current month have exceeded 38,500 OMR should mandatorily register under Oman VAT.
Also, if the businesses anticipate that the total value of supplies in the current month and the next 11 months will exceed the mandatory registration threshold of OMR 38,500, then they too have to register under Oman VAT.
Those businesses, who do not have a place of residence in Oman, will have to compulsorily register under VAT irrespective of the registration threshold.
Mandatory Registration in Oman VAT |
||
Type of Business |
Registration Threshold Conditions |
|
Resident |
Value of Supplies exceeds OMR 38,500 |
12 Months Period (Current Month + Previous 11 Months) |
Anticipated to exceed in the current month and the next 11 months |
||
Non Resident |
Threshold limit is not applicable |
Compulsorily registration under VAT irrespective of the threshold |
Businesses who are not required to mandatorily register under VAT, are given an option to voluntarily apply for VAT registration. Business can voluntarily register if the annual supplies or the taxable expenses incurred is not less than voluntary registration threshold. The voluntary registration threshold is 19,250 OMR which is exactly 50% of the mandatory registration threshold.
Voluntary VAT Registration in Oman |
|
Value of Supplies or taxable business expenses exceed 19,250 |
12 Months Period (Current Month + Previous 11 Months) |
Anticipated to exceed in the current month and the next 11 months |
The businesses whose annual value of supplies is below the voluntary registration threshold of 19,250 OMR are not allowed to register under Oman VAT. In other words, businesses with annual supplies below 19,250 OMR are exempt from VAT registration in Oman.
Also, those businesses who are engaged in making only zero-rated supplies may request for a VAT registration exemption.
Now that you know who should register, read VAT Rate in Oman to know more about the tax structure and exemptions.
To register under Oman VAT, you need to log in to https://tms.taxoman.gov.om/portal/web/taxportal/ and fill the VAT registration form.
Yes, if you are a business with huge expenses/ purchases, registering under Oman VAT help you claim back Vat. Read Business Benefits of Voluntary VAT Registration to know more.
Yes, you can register under VAT by furnishing details in the VAT portal.
Businesses that meet the annual supplies threshold limit prescribed by the authorities should register under VAT. Read Who Should Register Under Oman VAT? To know more.
After successful VAT registration, the VAT certificate will be available for download on the VAT portal.
Businesses that meet the annual supplies threshold limit prescribed by the authorities should register under VAT. Read Who Should Register Under Oman VAT? To know more.
VAT registration is required to levy, collect and remit VAT to the authorities. It also enables you to claim the VAT paid on purchases and expenses. Read Business Benefits of Voluntary VAT Registration to know more
You can claim VAT on all the purchases and expenses related to making taxable supplies and running the business.
Read more on Oman VAT
Oman VAT, VAT Invoice in Oman, Best VAT Software in Oman, Input VAT Deduction in Oman, Exempt Supplies in Oman VAT, How to Calculate VAT in Oman, What is VAT and How does it work, What are the Benefits of Applying VAT in Oman, Place of Supply of Goods under Oman VAT, Value of Supply in Oman VAT, How does VAT affect Omani businesses, Time of Supply in Oman VAT
VAT Rate
VAT Rate in Oman, Zero-Rated supplies in Oman VAT, Food Items Subject to Zero-rate VAT in Oman
VAT Registration
VAT Registration Guide in Oman, VAT Registration Deadline in Oman, Business Benefits of Voluntary VAT Registration, Oman VAT Registration Guide for Persons with CRN, What is Tax Group Registration in Oman VAT
VAT Return
VAT Return in Oman, Oman VAT Return Format, FAQs on Oman VAT Return, How to File Oman VAT Return
The 2nd Phase- Integration phase of e-invoicing in Saudi Arabia
FAQ on 2nd phase of e-invoicing
Global Tax Guide For Business in Oman
e-invoicing Phase 2 Waves in Saudi Arabia
FAQs on Corporate Tax in UAE
How VAT-ready Software Helps Small Businesses to Grow in UAE