Why Does a Business Need Accounting and Bookkeeping Services?
Accounting and bookkeeping is the language of business. The day-to-day transactions of business have their own importance in the books of accounts. Stakeholders and shareholders look at accounting and bookkeeping records to know the valuation of a business. A systematic and well-organized accounting and bookkeeping services will enhance the financial performance of your company.
The Major Changes in Oman Tax System
The government of Oman introduced broad tax changes to the Income Tax Law in 2017. The changes have been aimed at improving tax administration, increasing tax revenue and to encourage small businesses in Oman. The Oman tax changes include:
- The standard rate of income tax has been increased from 12% from 15%
- Most of the tax exemptions have been eliminated
- Tax cards have been introduced for all taxpayers
- Electronic tax return filing has been introduced
- The criminal penalties and enhanced penalty provisions have been upgraded
- There is a 3% rate of income tax for certain small taxpayers
- The OMR 30,000 exemption threshold on taxable profits for companies has been removed
- Changes have been made to the tax assessment regime
- There has been an extension of withholding tax to interest, dividends, and payment for services
Accounting Framework in Oman
In accordance with the directives from the Central bank, Tax authority and Capital Market Authority of Oman, International Financial Reporting Standards (IFRS) are required to be followed by all organizations in Oman. The requirements of authorities and IFRS are:
- The companies that have issued securities for public subscription must prepare annual, half-yearly and quarterly financial reports and submit the same to the Capital market Authority of Oman
- Unless other accounting standards are provided by the Omani Minister of Commerce and Industry, accounting and audit firms in Oman are required to follow the international standards in the preparation of financial reports
Our Accounting and Bookkeeping Services in Oman
Business Setup Worldwide is a platform that helps business entities to be successful in their business field. We understand the importance of accounting and bookkeeping services to a business in a foreign land. Our accounting and bookkeeping services in Oman include:
- Preparing financial statements
- Company secretarial services
- Performing internal and external auditing
- Preparing and maintaining books of accounts
- Tax planning and preparation
Benefits of Availing Accounting and Bookkeeping Services
One of the most important financial decisions a business can take is to avail accounting and bookkeeping services in Oman. The major benefits of availing these services are:
- It helps a business build goodwill
- It acts as a cost and time saver
- Financial analysis helps a business in better decision-making
- Financial forecasting and budgeting become easier
Business Setup Worldwide is a business consulting firm that helps you to build or expand your business in the international market. Our expert team will assist you in legal procedures, accounting taxation in the business milieu of Oman.
At Business Setup Worldwide, we ensure that you remain focused on your business objectives, while we tend to all the support functions. Our experts can assist you in dealing with the financial norms of a foreign land. We provide a wide range of financial, accounting and audit services in Oman, including preparation of financial reports, accounts payable & receivable, and internal & external audit services.