Stay VAT Compliant with TallyPrime�s Amazing Capabilities

Penielcomputer24 Jun, 2021Business

VAT is a universal consumption tax that is charged on taxable goods and services that are bought and sold in Oman together with the import of goods and services. It is charged and collected at each phase of the supply chain right from the company?s purchase of raw resources to a store?s sale of an end-product to a customer. Since it is a secondary tax system, the listed businesses act as mediators to charge, collect and remit the tax to the consultants. Oman VAT registration released on February 1, 2021, for chargeable individuals with yearly supplies beyond or likely to exceed 1 million Omani Rial. Companies will need to keep VAT accounts for a minimum of ten years from the end of the year to which they are associated.