OABC part­ners with EY to get busi­nesses VAT pre­pared

Muscat Daily - - BUSINESS -

Muscat – Oman Amer­i­can Busi­ness Cen­ter (OABC) in part­ner­ship with Ernst & Young (EY) held a sem­i­nar to dis­cuss and pro­vide in­sights on the im­por­tance of pre­par­ing busi­nesses for the value added tax (VAT) soon to be im­ple­mented in the sul­tanate.

The sem­i­nar wel­comed OABC mem­bers, SMEs and busi­ness own­ers. The EY team shared their ex­per­tise, while ad­vis­ing the at­ten­dees on the chal­lenges com­pa­nies face to be­come VAT-com­pli­ant, a press re­lease said.

“Un­der­stand­ing the im­pact of the im­mi­nent VAT in Oman is ex­tremely im­por­tant to ev­ery sin­gle one of our 150 mem­ber com­pa­nies, from the largest cor­po­ra­tions to SMEs,” Rebecca Ol­son, OABC ex­ec­u­tive direc­tor said.

As Oman moves to­wards im­ple­ment­ing VAT, EY ex­perts, led by David Stevens and Alkesh Joshi ex­plained var­i­ous ways and meth­ods on how busi­nesses can en­sure they are VAT-ready. They shared a number of strate­gies re­gard­ing VAT im­ple­men­ta­tions, in­clud­ing rec- om­men­da­tions for man­ag­ing VAT com­pli­ance, ad­dress­ing tax costs and how to avoid some of the pit­falls faced by other busi­nesses else­where in the GCC.

“While VAT is re­ferred as an ex­tra cost to con­sumers, in a broader sense it will play a cru­cial role in de­vel­op­ing and strength­en­ing a coun­try’s econ­omy in the long-run. It takes time for busi­nesses to be fully com­pli­ant and th­ese sem­i­nars are a great start to help them un­der­stand how to pro­ceed,” Joshi said.

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