Value Added Tax (VAT)

Location: Crown Plaza, Muscat

Value Added Tax (VAT) Practical Master Class

Overview

The Oman implemented VAT on 16th April 2021 pursuant to Royal Decree-Law No. 121/2020 and the related Executive Regulations in Decision No. 53/2021. The Oman is one of four GCC countries to implement its VAT legislation. Crowe Oman is conducting a VAT Training workshop on everything you need to know from the Laws to the latest updates. This training workshop includes theoretical and practical sessions.

Who should attend?

This training course will benefit CFO’s, Finance Managers, Internal Auditors, Accountants, IT Managers, Procurement Managers, Managers of Accounts Payable or Accounts Receivable Departments, as well as Finance Professionals interested in developing their understanding of this new legislation.

Learning Objectives

1- VAT Framework

History of VAT in GCC

What isVAT & how it works

Impact of VAT on the business

Products and Services Affected by VAT

5- VAT Input Adjustments for

Prior Registration Input VAT

Input VAT for Businesses Making Taxable and Non-Taxable Supplies

Supplies through Agent or Intermediary

Profit Margin Scheme

2- VAT Computations

VAT Scope for Goods and Services

VAT Operations and Calculations

Types of VAT Supplies & VAT Treatments (Standard, Zero, Exempt & Out of Scope)

6- VAT Reporting

Basic Tax Point and Changes In Tax Point

Irrecoverable Debts Relief

VAT Input Adjustments

Transitional Rules for Contracts

3- VAT Registration & Deregistration

VAT Compulsory and Voluntary Registrations

Exemptions from VAT Registrations

Group Registrations

VAT Compulsory and Voluntary Deregistrations

7- VAT Regional and International Effects

Imports and Exports

8- VAT Transactions and Documentation

VAT Record Keeping Requirements

VAT Invoicing Requirements

VAT Impact with Credit and Debit Notes

4- VAT Administration

VAT Compliance

VAT Penalties

VAT Appeals

9- VAT Return

VAT Return Requirements

VAT Return Administration and Correction Procedures

Agenda	Speaker	Time Slot
Registration with morning tea		8:00 AM to 8:30 AM
Welcome address		8:30 AM to 9:00 AM
Session 1: Mechanics of VAT	Antony Kallukaran, Associate Partner - Tax Aastha Rangan, Director – Indirect Taxes	9:30 AM to 10:45 AM
Coffee Break		10:45 AM to 11:00 AM
Session 2: VAT Accounting aspects	Muhammed Faisal, Assistant Manager Tax Advisory Services	11:00 AM to 1:00 PM
Prayer & Lunch Break		1:00 PM to 2:00 PM
Session 3: VAT Compliance (Return filing etc.)	Taysir Al Rawahi, Director - Tax Advisory Services Muhammed Faisal, Assistant Manager - Tax Advisory Services	2:00 PM to 3:30 PM
Coffee Break		3:30 PM to 3:45 PM
Case studies & Quiz	Aastha Rangan, Director – Indirect Tax	3:45 PM to 5:00 PM

Fee And Registration:

OMR 100+VAT per person – payable with cheque, bank transfer, or cash prior to the event, Seats are limited, and we kindly ask you to register at the earliest. Contact - [email protected] or call on 7200 7123.