Frequently Asked Questions

You can register for VAT online.

The turnover should be more than 38,500 OMR per year.

The turnover should be equal to or above 19, 250 OMR.

The turnover should be equal to or above 19, 250 OMR.

The turnover should be above 38,500 OMR.

19,250 OMR

38,500 OMR

The online registration link will be updated soon.

It varies from entity to entity. However, in general, depends if you are doing business in a free zone, industrial area of the mainland and what are the supplies, whether it’s zero-rated, exempted, or taxable.

Below are the supplies will be exempted:

  • Basic foodstuffs
  • Rent
  • Healthcare
  • Public education
  • Public transport
  • Sale of real estate
  • Sale of greenfield land sites
  • Import of medical equipment, certain precious metals, certain transport equipment
  • Crude oil imports

Below are zero-rated supplies.

  • Export of goods
  • Export of services
  • Certain financial services
  • Certain educational services

Let a professional do a professional’s job. If you are like most business owners and CEOs, you take full pride in the services or products your company provides. You want to focus your time and energy on business strategy and goals. Outsourcing the accounting department to a dedicated, highly skilled professional services firm allows you to do exactly that. By outsourcing your accounting, you’ll save valuable time in your day, reduce operating costs and gain peace of mind.

By outsourcing your accounting, your company doesn’t have to endure the hiring process and lose valuable time and money training bookkeepers, accountants or financial controllers. If you have been doing the bookkeeping yourself, you finally free up your time to focus on other aspects of growing your business. You’ll be able to make informed decisions based on more than just your cash balance at the bank.

An outsourced accounting department gives your company accurate financial data so you can determine what customers and/or products are the most profitable. You can concentrate more time on the most successful aspects of your company. This capability allows a business owner to become truly savvy in investing energy and resources in the right places. The door is left open for you to do the tasks that are most important to your company’s financial success. Using accounting services of RAS International, you maintain full, round-the-clock control of and access to your information, while we perform all of your bookkeeping tasks and update your accounting records. Truly the best of both worlds.

Accounting is recording of business transactions of financial nature and preparation of summarized financial statements which arewidely used among managers, investors, tax authorities, executives, and many others to see how the company is performing.

Whereas management accounting is to supply relevant, accurate, timely information to the internal management in a format that will aid them in making decisions.

The purpose of financial accounting is to provide information that helps with the assessment of a firm’s financial history and current performance.

Internal Audit is a verification process of various documents, systems & procedures to provide an independent assurance that an Organization’s risk management, governance and internal control processes are operating effectively. It helps company management of early detection of errors, system flaw and business risks.

Every business is associated with various types of risk due to future uncertainty.Businesses face all kinds of risks i.e. Strategic Risk, Compliance Risk, Financial Risk, Operational Risk, Good will or Reputational Risk. Some of which can cause serious loss of profits or even bankruptcy. But while all large companies have extensive “risk management” departments, smaller businesses tend not to look at the issue in such a systematic way.

Risk Management is the identification, analysis, assessment, control and minimization of unacceptable risks. An organization may use risk assumption, risk avoidance, risk retention, risk transfer or combination of all to manage its business risk.

Auditing is the on-site verification activity, such as inspection or examination, of a process or quality system, to ensure compliance to requirements. An audit can apply to an entire organization or might be specific to a function, process, or production step.

Audit is necessary to have accountability & reliability of financial statements which are certified by an independent professionally qualified auditor. Audited statements are accepted by all external agencies i.e. Taxation authorities, financial institutions, banks, Investors etc.

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