Accounting and bookkeeping services in Oman play a vital role in the world of business. This helps to maintain day-to-day transactions in books of accounts. Shareholders and stakeholders always look at the accounting and bookkeeping records to understand the expenses and valuation of the business.
This blog explains all about the accounting services in Oman.
Benefits of Bookkeeping and Accounting Services in Oman
Below are the benefits of bookkeeping and accounting services in Oman;
- Easy budget management
- Better management of the company’s financial stability
- Easy tracking of business malpractices
- Easy decision-making process with regard to company
- Transparency in the expenses
- Maintain the recordings to reduce financial crisis
- Effective cash inflow and outflow
- Easy international tax structure preparation
The Major Changes in the 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 encouraging small businesses in Oman. The Oman tax changes include:
- The standard rate of income tax has been increased from 12% to 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 Service 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 organisations 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 Oman Bookkeeping and Accounting Services
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 make is to avail of 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
Why Choose Us?
Our experts in Business Setup Worldwide 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.
