RSM Oman conducts workshop on VAT
MUSCAT: RSM Oman (George Mathew LLC) has organised a workshop on value added tax (VAT), which included a presentation of Andy Ilsley, director for VAT at RSM UK.
RSM is also giving a presentation on VAT to a group of companies, organised by one of the embassies, said a company release.
With the coming of VAT to Oman and the Gulf Cooperation Council, it is important that businesses begin to understand the concept of VAT and the implications of VAT on their operations and their commercial strategy.
“The introduction of VAT into Oman in 2018, along with the other members of the Gulf Cooperation Council, represents a major milestone on the path to fiscal sustainability. In common with over 160 countries that have now have a VAT, or similar GST (Goods and Services Tax) system, it is recognition that indirect taxation is increasing in global importance as a means for governments to achieve policy objectives through affecting consumer spending whilst remaining broadly neutral for businesses,” said Ilsley.
However, often termed as a “simple tax” at the outset, businesses operating in countries with more established VAT regimes recognise that VAT can represent a significant business issue if it is not properly managed. “While Oman and the rest of the GCC states prepare for its introduction, businesses should take into consideration some of the experiences of these VAT regimes, when developing their implementation plans to ensure that their VAT risk is identified and properly managed.”
“With the support of the RSM Global VAT Group and the direct involvement of RSM UK, we plan to provide high quality VAT advisory services to our clients in Oman,” said George Mathew, managing partner of RSM Oman.
“RSM already has well experienced professionals from RSM UK stationed full time in the GCC to serve RSM clients, as we are expecting the introduction of VAT in Oman and the other GCC countries.”
RSM has also been recognised as the Network of the Year at this year’s The Accountant and International Accounting Bulletin Awards.
The Network of the Year Award criteria includes the demonstration of profitable growth strategies and recognition by the industry as a reputable brand that consistently delivers high quality professional services.