VAT ENABLED ACCOUNTING SOFTWARE OMAN – 2021

Posted by penielcomputer on September 23rd, 2021

Value Added Tax (VAT) is a type of consumption tax that is accessed on several products and services at each stage of the production process. Like other countries, Oman has also established VAT across the country. The compulsory VAT registration threshold from OMR 35000. Nonresident businesses should VAT register if they supply taxable products. Taxation is a complicated factor where an accounting software with VAT navigate you through

• Charge VAT to customers efficiently
• Calculate the amount of VAT in local currency
• Get easy reports on VAT
• Understand revenue of the company
• Improve cash flows
• Handle payments
• Tax filing

 It is important to integrate VAT with accounting software for a business to run flawlessly.  VAT in Omen requires the business to be within a certain threshold limit under the government-listed law and regulations. Some of the activities required by the registered business maintain account books, issue tax invoices, file VAT returns, on-time tax payments, and so on. When the VAT is enabled with the accounting software it makes the task easy for the user.

Some of the factors to be considered for VAT accounting software are

• VAT compliant tax invoice – according to Oman VAT law and regulation certain details have to be made mandatory and captured in the invoice. If you issue a VAT compliant invoice, your customer will be able to claim input tax. Invoice is a critical aspect of business in Oman.