Oman Accounting & Bookkeeping Service Provider
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Accounting & Bookkeeping Company in Oman
Oman Bookkeeping & Accounting Services : Any business entity can be considered to be a physical form established having several objectives, with one primary one being to earn profits. Right from the first day of its establishment, there are initiated numerous transactions, thus reflecting fixed/variable expenses necessary to start operations, cash outflow/inflow, list of debtors/creditors, etc. It is essential to record all transaction as and when it takes place to provide a clear image pertaining to the entity’s financial standing. Oman, similar to other countries, has introduced its very own rules & regulations to be followed in the accounting process. This article can provide you with detailed information on bookkeeping and accounting services which every entrepreneur would need to be aware of, if the desire is to set up a business in the Sultanate of Oman.
Bookkeeping & Accounting Services in Oman
Oman Accounting & Bookkeeping Service Provider, Even though, both the terms may sound similar, there is definitely some difference amongst them, which needs to be understood. Bookkeeping maintains individual transactions and accounting on the other hand analyzes and classifies such transactions. It is OACPA, a government body that takes care of the overall accounting framework.
OACPA
It stands for Oman Assoc. of Chartered Accountants and got established on May 22, 2016. This organization has been introduced to serve the following vision, namely
- Undertake scientific research and provide information in the accounting field to uplift accounting level
- To offer studies and consultancy pertaining to accounting profession
- To bond with the establishment to supervise this profession
Oman Tax
The incorporation process is not the final take of the business establishment procedure in Oman. It is mandatory to register with the tax authorities. Failing to do so is likely to result in paying up penalties. Corporate tax in Oman is of a flat rate of 15%. A new category has been introduced in 2017, referred to as micro-business on who is liable to make corporate tax payments at 3% rate and needs to get registered with the Oman Finance Ministry. This country has introduced withholding taxes upon interest payments, dividend payments and technical services payments. There is no Sales Tax or VAT to be paid.
Income Tax Exemption
- Gains or profits made from securities disposal listed with Muscat Securities Market
- Dividends that are received by the business
Tax Exemption
- Income received by a foreigner from airport transport activity or maritime exercise, but subject to reciprocity
- Income received from maritime transport activity
- Validation on exemptions in various other fields only if a decision is issued by the Financial Affairs Ministry
- Industrial projects
- Investment funds generating revenue
Oman DTA (Double Taxation Agreements)
DTA or Double Taxation Agreement as it is known is actually an agreement undertaken between two countries to avoid levying of double tax rates on both the sides. DTA is held by Oman in about 28 countries including India, Canada, China, the UK, Singapore and the Netherlands.
What are the benefits derived from Bookkeeping & Accounting Services?
- Better and easy budget creation and management
- Effective highlighting of the company’s financial stability
- Easy tracking of business malpractices
- Decision making process becomes easy and hassle-free with regards to company expansion and purchase
- Providing clear, transparent image of expenses made by the business
- Holds the latest recordings to reduce financial crisis and issues
- Reflects better cash inflow & outflow
The above is sure to have given you a clear idea on why you will require bookkeeping and accounting services. This particular domain cannot be simply ignored or neglected if you plan to establish your business in the Sultanate of Oman. The truth is that trying to maintain accounting books of the business can be a real complex task. But this process can be made easier by hiring a reputed audit firm or consultant in Oman. At OCR, we can help you to prepare your accounts books effectively. Our experts do have the expertise and knowledge to carry out the assigned task with great sincerity. We also understand the essential role and integrity played by bookkeeping and accounting when setting up a business. We are proud to offer our clients with a wide range of accounting services, which includes the following As company you should have accounting & bookkeeping service provider in Oman.
- International tax structure preparation
- Financial statement compilation
- Reviews on company performance
- Corporate secretarial services
- Bank Reconciliation, Cash Flow forecasting and Audit reports
- Personnel and payroll administration
- Financial accounting and Bookkeeping