Oman American Business Center Partners With EY to Get Businesses VAT Ready
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, Small and Medium Enterprises and business owners. The EY team shared their expertise, while advising the attendees on the challenges companies face to become VAT-compliant.
“Understanding the impact of the imminent VAT tax in Oman is extremely important to every single one of our 150 member companies, from the largest corporations to SMEs,” said Rebecca Olson OABC Executive Director.
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. There was an in depth discussion on the role of technology and how managing tax data is likely to be the foremost challenge in a VAT implementation project.
“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,” said Alkesh Joshi.
Already in effect in the United Arab Emirates and Saudi Arabia, VAT is part of a GCC agreement made in 2016 to implement the tax across the region affecting both consumers and the business community. Whether impacting how businesses purchase their goods, to selling to consumers, the tax is a new regulation for many organizations to familiarize with and prepare for.
Oman American Business Center
The Oman American Business Center (OABC) was founded in 2003 to foster the development of commercial activity between Oman and the United States, and to support the Oman business community through programs and events focused on professional development, thought leadership, and high-level networking.
As the official affiliate of the US Chamber of Commerce in Oman (AmCham Oman), the OABC promotes understanding, partnerships & other matters of mutual economic interest between business communities in Oman and the United States. The focal endeavor of the OABC is to provide a forum for the exchange of insights, information, ideas and direction with respect to increasing trade, commerce and investment between the two countries.