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Accountants in Oman

Accountants in Oman

We are a team of accountants in Oman offering complete services to companies of all sizes. Understanding the requirements and obligations relating to accounting and annual reporting is essential for all business owners. As one of the accounting firms in Oman offering services to both local and foreign entrepreneurs, we are qualified to answer questions about basic accounting rules and complex matters, such as those concerning the taxation of foreign companies.

Together with our partner lawyers in Oman, we provide investors with complex solutions, tailored to their business needs.

Services offered by our accountants in Oman

Tax compliance and reporting are essential for any registered business. This is why a core part of our services focuses on accounting and reporting rules.

The solutions offered by our accountants include the following:

  1. Bookkeeping: preparing and keeping complete records of the company’s transactions, the accounts receivable and the accounts payable;
  2. Payroll: there is no payroll tax on Oman, however, our accountants assist in making the salary payments as needed and making the social security contributions (see below);
  3. Tax compliance: our accountants in Oman will provide companies with the needed services that will allow them to observe the tax filing deadlines;
  4. Annual reporting: preparing the complete accounting records in accordance with the International Financial Reporting Standards (IFRS).

The services listed above are only briefly outlined. If you would like to know more, please reach out to our accountants in Oman.

Accounting principles in Oman

The following general accounting rules and principles apply to Omani companies:

  • The Capital Market Authority of Oman, the Central Bank of Oman, and the Tax Authority of Oman are the key authorities in matters concerning taxation and accounting;
  • The tax year is generally the calendar year, however, companies can be allowed to use another accounting period;
  • The accounting reports include the statement of financial position, the statement of income and that of changes in equity, the cash flow statement and the notes to the financial statements;
  • Special requirements apply in case of companies that offer securities to the public; these must submit reports to the Capital Market Authority;
  • Companies file the tax return together with the audited financial statements within 4 months of the end of the financial year; the due tax is also paid at the same time.

The accounting firms in Oman, including our experts, observe the requirements for set forth by the professional accountancy bodies regarding proper licenses.

Foreign accounting companies are permitted to enter into a partnership with an Omani company for the purpose of providing auditing services.

Our lawyers in Oman can give you more details about the accounting laws in force and the governing principles.

We are one of the accounting firms in Oman that can also provide solutions for branches that are under a special regime in Oman.

Our lawyers in Oman can give you more information about the available business forms, and the manner in which foreign investors can do business here.

Company taxation Oman

Apart from the accounting and reporting principles, companies in Oman are subject to the following main taxes:

  • 15% corporate income tax;
  • 5% standard value-added tax and a 0% reduced rate;
  • the employer’s social security contribution of 10.5% of the monthly salary of the Omani employee and 1% of the monthly wage for industrial illnesses and injuries.

Choosing to work with one of the accounting firms in Oman, such as our own, is recommended for local and foreign investors alike.

Contact our accountants in Oman specializing in tax and corporate matters if you wish to know more about the conditions for doing business here.

We also assist those who are interested in Oman immigration matters.