What do you need help with?

Audit requirements depend on the company's legal structure, activities and applicable regulations. Certain companies are required to have their financial statements audited by a licensed external auditor.

If you are unsure whether your company requires an audit, we can review your circumstances and explain the applicable requirements.

The time required depends on the size and complexity of the business, the condition of the accounting records and how quickly the required documents are made available.

Once we understand the scope of the audit, we can provide a more appropriate timeline.

The required documents may include financial statements, trial balance, bank statements and reconciliations, sales and purchase records, payroll information, fixed asset records and other supporting documents.

We provide a relevant checklist based on the audit engagement.

Oman has a standard VAT rate of 5%, with certain supplies subject to different VAT treatments depending on the applicable rules.

VAT filing and payment deadlines depend on the applicable tax period and taxpayer requirements. Businesses should ensure their records and returns are prepared and submitted within the prescribed deadlines.

Eligible businesses may be able to recover input VAT, subject to applicable rules and supporting documentation.

The eligibility of a claim depends on the nature of the transaction and the taxpayer's circumstances.

A statutory audit is an independent examination of financial statements where required under applicable law or regulations.

Internal audit looks more broadly at processes, controls, risk management and operations. It helps management identify weaknesses and improve the way the business operates.

There is no single schedule that works for every business.

The appropriate frequency depends on factors such as company size, industry, risk level and the strength of existing internal controls.

Oman imposes corporate income tax on taxable income, subject to applicable laws, rates, exemptions and requirements.

The treatment can vary depending on the company and its circumstances.

Filing deadlines depend on the company's financial year and applicable requirements.

We can help determine your obligations and support you with the preparation and filing process.

Oman is implementing an electronic invoicing framework known as Fawtara, with implementation taking place in phases.

Businesses should review their invoicing systems and processes in advance of the phase that applies to them.

Preparation may include reviewing your current accounting or ERP system, assessing compatibility, understanding the applicable requirements and updating invoicing and record-keeping processes.

Our e-invoicing support can help you prepare for implementation.

ICV, or In-Country Value, measures the contribution a business makes to the local economy through areas such as local spending, employment and sourcing.

Depending on the sector and contracting requirements, ICV certification may be important when pursuing certain business opportunities.

We can assist with understanding the requirements, preparing the necessary information and supporting the certification process.

Eligibility depends on the applicable residency programme, category and current government requirements.

We can help you understand the relevant requirements based on your individual circumstances.

Processing time can vary depending on the category, documentation and government procedures.

We can guide you through the required documentation and applicable process.

The appropriate structure depends on factors such as your business activity, ownership, investment plans and applicable regulations.

We can help you understand the available options and guide you through the formation process.

Foreign ownership depends on the specific business activity and applicable regulations.

The requirements should be checked for your particular activity before choosing a company structure.