Zubair SEC receives great attendance for Its fourth 'Know Your VAT' webinar

Roundup Thursday 01/July/2021 11:33 AM
By: Times News Service
Zubair SEC receives great attendance for Its fourth 'Know Your VAT' webinar

Muscat: Zubair Small Enterprises Centre (Zubair SEC), in partnership with the Omani International Development and Investment Company (OMINVEST), recently conducted its fourth VAT webinar titled, ‘Key Aspects related to VAT Input Tax Credit in Oman’. This marks the completion of the second to last in a series of five Value Added Tax webinar sessions, titled ‘Know Your VAT’, executed by Moore.

Additionally, five animated videos, a digital downloadable booklet, and one-to-one consultations where required will be part of the initiative.

Commenting on the ‘Know Your VAT’ initiative, Ali Shaker – Senior Advisor at Zubair SEC said, “By dividing this initiative into five independent webinars, we are able to take something as complex as VAT and break it down into bite-sized pieces. In doing so, we help our attendees easily grasp even the most complicated elements of the law.As we are nearing the end of our series on VAT, we are now exploring some of the more complicated and complex aspects of this topic.”

This fourth webinar, titled ‘Key Aspects related to VAT Input Tax Credit in Oman’, was conducted on June 23. It was focused on fivemain topics of discussion: a snapshot of VAT Input Tax Credit (ITC), prerequisites to claim ITC and restrictions, ITC under Reverse Charge Mechanism (RCM), the apportionment of ITC, and other key aspects of ITC. Over 60Zubair SEC members as well as some large private-sector corporations attended the webinar. Each expressed gratitude to the organisers as well as their desire to return for the final webinar.

“We are always encouraged to see such strong attendance at our VAT webinars. This shows that local entrepreneurs understand and are embracing the VAT concept,” said Ali Shaker. “For anyone who missed this webinar, or any of our previous ones, they are readily available on the Zubair SEC website, where you can also learn more about the 'Know Your VAT' initiative. In addition, we invite all interested parties to register for the final webinar by contacting Zubair SEC as soon as possible”
“It may not be the most complicated part of VAT, but the VAT input tax credit can seem confusing at times to those who are unfamiliar with the concept.However, the fact that nearly all attendees grasped the concept almost immediately was extremely impressive and is a good sign for the future of the market here in Sultanate,” added Ankur Jain, Director at Moore.

The final 'Know Your VAT' webinar will befocused on ‘Key action steps to be undertaken, with a special focus on transition issues’. Those interested in participating can contact Zubair SEC via email: info@zubairsec.org, or telephone: 24737325