Webinar discusses 'Basic Concepts of VAT in Oman’ for SMEs

Business Monday 31/May/2021 18:00 PM
By: Times News Service
Webinar discusses 'Basic Concepts of VAT in Oman’ for SMEs

Muscat: A VAT-focused webinar was organised on May 26 titled ‘Basic Concepts of Value Added Tax (VAT) in Oman’.

Zubair Small Enterprises Centre (Zubair SEC), in partnership with the Omani International Development and Investment Company (Ominvest), completed its second VAT-focused webinar for SMEs in Oman.  

This is the second in a series of five webinars as part of its ‘Know Your VAT’ initiative executed by Moore. In addition to the five webinars, the initiative will also include five short animated videos, a digital downloadable booklet, and one-to-one sessions where required.

It was effectively an extension of the first and covered two core topics – VAT exemptions versus zero-rating and tax implications on key business transactions. The latter of the two topics covered the sale of goods, reverse charge mechanism, exports, sales return, damages, discounts, bad debts, and more.

The webinar was attended by over 100 Zubair SEC members as well as some large private-sector corporations. Each of them expressed their appreciation to the organisers, as well as expressed their desire to return for the remaining three webinars.

Commenting on the ‘Know Your VAT’ initiative, Adel Al Hubaishi – Executive Manager at Zubair SEC said, “The Value-Added Tax (VAT) law, which was implemented in the Sultanate on April 16, applies to any company whose taxable turnover exceeds OMR 38,500. This includes the majority of Small and Medium Enterprises (SMEs) in the country; many of which are not familiar with all the steps and procedures required to be fully VAT compliant. These series of webinars have been designed specifically to address these concepts and help them be fully prepared.”

Adel Al Hubaishi added, “At Zubair SEC, we are very pleased with the number of participants and the level of engagement between the SMEs and speakers. The questions raised shows that our members value the importance of the topic and are eager to understand and properly setup their businesses for the implementation of VAT.”

“We would like to thank Ominvest for their continued support in this initiative and we look forward to hosting the next webinar soon. We would like to invite all interested SMEs to register and benefit from this programme by contacting Zubair SEC at the earliest,” said Adel.

“VAT as a concept is significantly more complex at a corporate level than it may initially seem to the general public. It is vital that businesses, especially SMEs, are given a clearer understanding of each of the concepts and intricacies of its implementation. That being said, it was very encouraging to see the enthusiasm of each of the attendees to learn about VAT and its proper implementation. This just goes to show their commitment to change and their willingness to adapt; a great sign for the future of SMEs in the country,” added Gajendra Maheshwari, Head of VAT Services at Moore.

The next 'Know Your VAT' webinar will be focused on ‘Explaining key compliances, such as issuing VAT compliant invoice, credit, and debit notes, and depositing VAT’. Those SMEs interested in participating can contact Zubair SEC via email: [email protected], or telephone: 24737325