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Zubair SEC hosts its final ‘Know Your VAT’ webinar with great attendance

Roundup Sunday 11/July/2021 10:50 AM
By: Times News Service
Zubair SEC hosts its final ‘Know Your VAT’ webinar with great attendance
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Muscat: Zubair Small Enterprises Centre (Zubair SEC), in partnership with the Omani International Development and Investment Company (OMINVEST), recently conducted its fifth and final VAT webinar titled, ‘Key Transition Issues and Key Action Steps to be Undertaken by the SMEs’. With this, the series of five VAT webinar sessions presented by Moore on the topic of 'Know your VAT' has now concluded. These webinars have covered all aspects of VAT starting with ‘VAT registration in Oman’ followed by ‘Basic concepts of VAT’, ‘Key compliances’, ‘Key aspects of input tax credit’, and finally, ‘key action steps with a focus on transition issues’. In addition to the webinars, a series of five animated videos, a digital downloadable booklet, and one-to-one consultations were also included as part of the initiatives.

Following the usual introduction, the session began with Said Al Sahib, the Director of Zubair SEC, delivering a short speech expressing his appreciation and gratitude for all the effort that went into the ‘Know your VAT’ initiative. He gave special recognition to OMINVEST for supporting the initiative and Moore for its successful execution. Shortly thereafter, Said wished all participants a smooth and successful transition towards meeting all required VAT compliances and procedures.

"With this most recent session, we now conclude our series of 'Know your VAT' webinars. Under this initiative, we have journeyed through every aspect of VAT over the past four months, exploring even the most complex aspects of the law. I am confident that the information provided in these webinars will enable each of the participants to fully prepare for and execute a successful VAT compliance process,” Said Al Sahib commented.

The fifth webinar, titled 'Key Transition Issues and Key Action Steps to be Undertaken by SMEs', took place on July 07 and covered two core topics – 'Key VAT Transitional Issues' and 'Key Action Steps from an Oman VAT perspective'. Furthermore, the former was divided into two additional sections – 'Implications on Transactions' and 'Ascertaining Contract Clauses'. Over 60 Zubair SEC members and large private-sector corporations attended the webinar. All participants thanked the organizers and expressed a desire to participate in any future webinars organised by them.

“With well over 350 attendees over the course of five sessions, our series of webinars have been a great success. More importantly, it shows just how willing local entrepreneurs are towards embracing the concept of VAT,” added Said Al Sahib. “For those who may have missed this session or any of our previous ones, we have made each of them easily accessible via our website. Here you can also find more information about our ‘Know Your VAT’ initiative.”

“We are extremely impressed by the sheer number of attendees and the overall success of this initiative. It’s a very positive indication for the future of the marketplace here in Sultanate. It also shows just how receptive the local business sector is to new concepts and how willing the local entrepreneurs are to embracing change for the betterment of the country’s economy. Moreover, Zubair SEC has played a very significant role in introducing unique initiatives that have contributed to the success of SMEs in Oman. ‘Know Your VAT’ is just one such recent example” added Gajendra Maheshwari - Head, VAT Services at Moore.

Those interested in knowing more about this series of ‘Know Your VAT’ webinars can visit the Zubair SEC website: zubairsec.org, contact them via email: [email protected], or telephone: 24737325.