VAT in Oman ,Benefits of applying VAT in Oman?

With VAT being implemented throughout Oman on April 2021, industries have a limited period to get set for VAT. Industries or businesses in Oman should self-assess their VAT registration responsibility in Oman. Therefore, every business should keep VAT records of at least ten years from the end of the year to which they are associated for review. VAT returns must be filed electronically and are estimated that the VAT period will be a minimum of one month, and VAT expenses and returns must be filed within 30 days of the completion of the tax period. VAT being on the approach of execution, it is very crucial for a business to become tax compliant. Business holders can be well-prepared with a complete view of their business transactions and VAT compliant with the help of TallyPrime VAT.

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