VAT Implementaion in Oman -PDF -20221

1. VAT Compliant Stay VAT Compliant with Tally Prime’s Amazing Capabilities 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. These histories will need to be made accessible for review at any time. The first step to make yourself for VAT compliance is by creating invoices following Oman VAT laws since the day of operation. It is expected that the VAT period will be a minimum of one month, and VAT expenses and returns must be filed within 30 days of the closure of the tax period. Tally Prime competencies for VAT compliant With VAT execution just a few weeks away, companies are all set to welcome the new tax policy with open arms. From system outline to gaining compliance awareness, businessmen in Oman are prepping themselves to produce significant cash flow and complete tax costs. Using Tally Prime’s VAT-compliant billing, you can follow all the required tax laws. Using TallyPrime, you can: • Simplified configuration of the VAT rate • Design tax rates based on their taxability • Recording and creating precise invoices • Create bills in Arabic/English or both • Develop exception reports for discrepancy dealings • Accomplish all kinds of VAT transactions in TallyPrime • What to consider in software for accurate VAT compliance?

2. Technology plays the most exciting, time-consuming, and complex role in the VAT implementation journey. Therefore, it is of major importance that your ERP system supports you systematize VAT calculation. It includes the creation of several types of invoices with many items, multiple tax types, and multiple currencies, tax reports, and the generation of tax invoices. The customized system information must be developed in advance to avoid VAT return filing and audit difficulties. Therefore, using an automated system for VAT compliance will increase your business efficiency. Check our website for Tally Prime VAT today that manages VAT implementation, guaranteeing VAT compliance and business stability. Who we are: Peniel Computer is a provider of IT solutions ranging from a custom developing business application, VAT Accounting and financial software like Tally. ERP9, (New Tally Prime VAT) Peachtree, Sage 50 US, Sage 50 CA, Sage Pastel, QuickBooks, (VAT Enabled) and Simply Accounting. Incorporated in the UAE (Dubai, Sharjah, Ajman, Ras Al Khaimah, Abudhabi, Fujairah and Al ain) aims to serve the Middle East Market (Qatar, Bahrain, Oman & Saudi Arabia).

3. Peniel Computer stands for trustworthiness and serving its clients with truly worthwhile solutions. As a key technology provider, we ensure you that we can offer expert independent advice on the most advantageous networking, hardware and software solutions for your organization. VAT software that is designed focusing on Oman VAT which manages the compliance with minimum efforts and time. Lets Talk’s: Website Email Info Contact No. Address https://www.penielcomputer.com/ Info@penielcomputer.com (Oman) +968 90139256 (UAE) +971 42398572 Oman ,Muscat Follow Us: Facebook : https://www.facebook.com/PenielComputer LinkedIn : https://www.linkedin.com/company/peniel-computer