OABC partners with EY to get businesses VAT prepared
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 recommendations 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.