Oman VAT Returns
VAT Invoicing, accounting & returns reporting software.
برنامج جاهز لضريبة القيمة المضافة
Oman VAT returns filing form would seek data that a typical VAT return filing form requires i.e., output and input VAT needs to be provided on the Oman VAT returns forms.
Manually calculating VAT liability on regular basis is an overwhelming job. Support of a robust software tool for precise VAT tracking is must. For calculating and submitting VAT returns it is important to first consolidate and categories sales and purchase. Oman VAT returns form would have features to consolidated sales & supplies and these must be further categorized into the following:
- Sales made at standard rated VAT
- Sales made at zero rated VAT
- Supplies that are exempted from VAT
- Export sales made to the GCC member states
- Export sales made outside GCC member states
Similarly, purchases & expenses must be further grouped by a VAT ready software into the following:
- All purchases & expenses that attracted standard VAT rate
- Purchases that are zero rated
- Exempted purchase
- Imports that were customs paid
- Imports under reverse charge
Accounting software that is VAT compliant should also be able to create a Oman VAT form automatically. The VAT form designed by the tax authority of Oman requires consolidated information of VAT collected on sales i.e., output VAT and VAT paid on purchases that is input VAT. The difference of output and input VAT gives the VAT liability.
There are quite a few Oman VAT returns preparation software services in the market but very few are exhaustive. Most of the software are very basic and do not have features to track import VAT and VAT under reverse charge.
Our recommendation to small businesses is choose a software that is truly a Oman VAT returns filing and accounting software. The software should be easy to use and affordable. It should let you export or download the VAT data in excel or PDF. The user of such software should need no support from a VAT consultant and should be able to file VAT returns on own.
Manually calculating VAT liability on regular basis is an overwhelming job. Support of a robust software tool for precise VAT tracking is must. For calculating and submitting VAT returns it is important to first consolidate and categories sales and purchase. Oman VAT returns form would have features to consolidated sales & supplies and these must be further categorized into the following:
- Sales made at standard rated VAT
- Sales made at zero rated VAT
- Supplies that are exempted from VAT
- Export sales made to the GCC member states
- Export sales made outside GCC member states
Similarly, purchases & expenses must be further grouped by a VAT ready software into the following:
- All purchases & expenses that attracted standard VAT rate
- Purchases that are zero rated
- Exempted purchase
- Imports that were customs paid
- Imports under reverse charge
Accounting software that is VAT compliant should also be able to create a Oman VAT form automatically. The VAT form designed by the tax authority of Oman requires consolidated information of VAT collected on sales i.e., output VAT and VAT paid on purchases that is input VAT. The difference of output and input VAT gives the VAT liability.
There are quite a few Oman VAT returns preparation software services in the market but very few are exhaustive. Most of the software are very basic and do not have features to track import VAT and VAT under reverse charge.
Our recommendation to small businesses is choose a software that is truly a Oman VAT returns filing and accounting software. The software should be easy to use and affordable. It should let you export or download the VAT data in excel or PDF. The user of such software should need no support from a VAT consultant and should be able to file VAT returns on own.