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Deloitte Oman virtual VAT academy: VAT impacts on the Consumer Business industry
With the implementation of Value Added Tax (VAT) in Oman starting from 16 April 2021, companies active in the Consumer Business (CB) industry are expected to experience a significant impact on their business operations. The intricate supply chains and supplier-customer arrangements which form a basis of the CB industry will be affected by VAT, which can create additional complexities for the industry. Bearing in mind the penalty regime as per the new legislation, it is essential for businesses to understand the application of these rules in order to reduce the risk of non-compliance and also effectively manage their VAT position.

Deloitte’s indirect Tax practice will therefore dedicate the seventh session of the Oman virtual VAT academy to the consumer business industry. The session will be held on Tuesday, 26 January, 2021 and will discuss how VAT interacts with companies within the CB industry and what the likely industry issues they might be facing in preparation for entry into the VAT system. Below are some of the topics that will be discussed in more detail during the webinar:

• Overview of the key risks that businesses should keep in mind when undertaking their Oman VAT implementation;

• VAT implications of promotions, discounts, and rebates;

• VAT on single and multipurpose vouchers, prepaid tokens, reward schemes, etc.;

• VAT rules for Special Economic Zones and Free Zones and common supply chain issues including incoterms;

• Importance of supplier communication and contracts;

• Invoicing requirements for distributors/manufacturers vs. retailers;

• Product file reviews for food and drinks items which may be subject to 0% VAT; and

• Lessons learnt from experience in other GCC countries that implemented VAT.

Jan 26, 2021 02:00 PM in Muscat

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