Roadmap to VAT Implementation Masterclass – Oman

Following the signing of the Gulf Cooperation Council (GCC) VAT Framework Treaty, Oman introduced Value Added Tax effective from 1st April 2020.

The Treaty provides that VAT on the supply of goods or services within the scope of VAT will generally be charged at a standard rate of 5% unless the goods or services are exempt or zero-rated.

Appanage in collaboration with renowned VAT practitioner Mr. Newman Muneer has designed a 2-days masterclass for finance professionals in Oman. This master class is all about:

• VAT Concept
• Oman VAT Law
• VAT Categories in Oman
• VAT Registration and Calculation
• VAT Administration
• VAT on Imports and Exports
• VAT on Supplies and Services
• VAT invoice, records management and filing
• VAT Penalties & Appeal
• Real-time Case Studies
• Practice Exercises
• VAT Implementation Process

KEY LEARNING OUTCOME

Upon the successful completion of this course the participants should be able to:

• Understand the concept of VAT and its impact on the economy.
• Understand the impact of VAT on the operational and financial performance of the business.
• Differentiate various types of supplies with reference to VAT.
• Differentiate Input VAT and Output VAT. Categorize the supplies for VAT calculation.
• Understand the impact of VAT on the Imports and Exports to the member countries (gulf region) and non-member countries (rest of the world).
• Prepare the invoices including VAT.
• Understand the VAT registration process and prepare required documents for VAT registration.
• Understand VAT administration, fines and penalties related to the VAT filing.
• Identify common errors in VAT calculation.

WHO SHOULD ATTEND?

• CEO
• CFO
• Finance Manager
• Internal Auditors
• Cost & Budgeting Managers
• Internal Auditors
• Cost & Budgeting Managers
• Sales Managers
• Procurement Managers
• Associate Staff in Payables & Receivables