Process of OmanBookkeeping &Accounting, VAT& Auditing, Income Tax Services
When conducting business and dealing with numerous transactions, clients need clarity in their financial affairs. To ensure compliance with Oman statutory requirements,Capital One is able to act as a third party services provider or an internal financial administrator, controller or accountant in full co-operation with clients’ headquartered financial staff and third parties as needed.
Taking care of a company’s financial related tasks by experienced professionals, our services include:
We are Oman Income Tax Consultants and provide guidance to the client so that they can comply with Oman Income Tax Law. This includes obtaining Tax Identification Number, procuring an Oman Income Tax Card and assisting the clients in filing their annual Income Tax Return.
Starting from 01 Jan 2020, an annual income tax return needs to be filed within four months from the end of the tax year. We provide guidance to the client in filing annual Oman corporate Income Tax returns thereby complying with the Income Tax Law.
We have an experienced team that assists the client in meeting their obligation related to withholding tax in Oman. Capital One advises you so that you comply with the law. We also help in the timely filing of the monthly withholding tax returns.
Initial planning activities include formal acceptance of the client, verifying compliance with independence requirements and performing other procedures to determine the nature, timing, and extent of procedures to be performed in order to conduct the audit in an effective manner.
Use their knowledge of the business, the industry and the environment in which the company operates to identify and assess the risks that could lead to a material misstatement in the financial statements.
Auditors develop an overall audit st rategy and a detailed audit plan to address the risks of material misstatement in the financial statements. The audit strateg ies and the plan s are continually reassessed throughout the audit and adjusted to respond to new information obtained about the business and its environment.
Apply professional scepticism and judgment when gathering and evaluating evid ence through a combination of testing the company’s internal controls, tracing the amounts and disclosures included in the financial statements to the company’s supporting books and records, and obtaining external third party documentation.
Transactions include the sale or return of a product, the purchase of supplies for business activities, or any other financial activity that involves the exchange of the company’s assets, the establishment or paying-off of a debt, or the deposit from, or paying out of money to, the company’s owners.
The transaction is listed in the appropriate journal, maintaining the journal’s chronological order of transactions.
The transactions are posted to the account that it impacts, and are part of the general ledger, where you can find a summary of all the business’s accounts.
Calculate a trial balance at the end of the accounting period (Monthly, Quarterly or Yearly, depending on the business’s practices).
Corrections or adjustments are tracked on a worksheet for the depreciation of assets and to adjust for one-time payments. Post any corrections needed to the affected accounts once the trial balance shows the accounts will be balanced once the adjustments needed are made to the accounts
Prepare the Income statement, Balance sheet, Cash flow & other financial statements using the corrected account balances.
Closing of the financial books, ledgers and recos.
Oman Tax Authority has specified mandatory VAT registration turnover threshold to be RO 38,500.However, companies having a minimum of RO 19,250 turnover can also apply for voluntary VAT registration.
We help to determine the VAT obligation of business and recognize the modifications required for the current accounting structures and business processes.
Assistance in VAT implementation at your business that includes guiding you on system changes or reconfiguration so that your systems produce Oman VAT Law compliant invoices and you can correctly capture input VAT and record output VAT with accuracy.
Our comprehensive programs make your resources competent for VAT related work by clearing their concepts and enhancing their knowledge about the Tax Laws.
VAT regulations make it mandatory to maintain books of accounts. We have an experienced team to handle and provide Oman VAT Accounting services. You can outsource your Oman VAT billing , input VAT and output VAT tracking to us and we will maintain your accounts as per the details provided by you.
Oman VAT returns shall be filed within 30 days from the end of the tax period. The companies whose first tax period ends on 30 June 2021 shall file their first VAT return on or before 30 July 2021. Article 100 of Oman VAT Law imposes a penalty of RO 10,000 for non filing of VAT returns , along with imprisonment
Capital One assist s Non Resident suppliers of goods and services to Oman to get VAT registration and VAT related filings.
As per the new tax regime, certain products and services are exempted from the V AT consideration. Capital One consult s you for a variety of exemption related to VAT and provide s accuracy in your tax filings without any hassle.
As per the new tax regime, certain products and services are exempted from the V AT consideration. Capital One consult s you for a variety of exemption related to VAT and provide s accuracy in your tax filings without any hassle.
W e have an experienced team to assist you in answering queries during Oman VAT assessment.
An organization might be charged with fines in case there is any VAT regulation infringement.
A VAT audit exists to review the goods and invoice flows to ensure their compliance. The audit can also consist of a comprehensive examination of the company accounts, in order to identify the purchases and sales flows, and check their compatibility.