Panacea WFS supports businesses in Oman with VAT and corporate income tax compliance. We prepare VAT returns and corporate tax computations, reconcile them to the books, calculate deferred tax and help you respond to the Tax Authority.
Oman VAT
Oman’s standard VAT rate is 5%. We review your VAT treatment by transaction type, reconcile output and input VAT to the ledger, prepare the return and keep the supporting workpapers ready for any Tax Authority query.
Corporate income tax
Most Omani companies pay corporate income tax at the standard rate of 15%. We prepare the annual tax computation from your audited accounts, document adjustments and calculate current and deferred tax for the financial statements.
What we do
- VAT return preparation and ledger reconciliation
- Review of VAT treatment and coding in your accounting system
- Corporate income tax computations and return support
- Deferred tax calculations for IFRS financial statements
- Responses to Tax Authority queries and assessments
- Tax health checks before year-end
Frequently asked questions
Do you submit returns on our behalf?
We prepare the returns and workpapers; submission is made through your Tax Authority account, by you or with our support, as agreed in the engagement.
Can you review VAT returns already filed?
Yes. A review of past returns can identify errors to correct before the Tax Authority finds them.
Start with a free consultation. Email consult@panaceawfs.com with a short note on what you need, and a senior advisor will come back to you with the right engagement model and a fixed or hourly quote.