Sunday 05 / May / 2024
Muscat: Multinational auditing firm Rtulsian has partnered with Al Motamad Auditing to bring its expertise to the Omani market.
The move coincides with the Sultanate’s implementation of Value Added Tax (VAT) legislation, an area in which Rtulsian has extensive experience. The firm has a strong GCC presence with offices in the UAE, Saudi Arabia, and Bahrain, where it helped leading companies to navigate the introduction and implementation of VAT.
The decision to partner with an established Omani auditing firm and grow its GCC footprint demonstrates the firm’s continued confidence in the region’s accounting industry, which remains vital to the economy despite the challenges of the coronavirus (COVID-19) pandemic.
Rtulsian Partner - Global Practice, Shashwat Tulsian said, “The introduction of VAT is in line with Oman’s Vision 2040 programme, which aims to diversify the economy and attract more foreign direct investment. Rtulsian’s partnership with Al Motamad Auditing reflects our commitment to supporting local businesses and contributing to the growth of the Sultanate’s accounting industry. Hiring Omani team members and enhancing their skills are among our top priorities, further demonstrating our support of Vision 2040’s objectives.”
He added, “The implementation of VAT in the UAE, Bahrain, and Saudi Arabia encouraged a positive change in the way that companies manage their businesses, including a heightened focus on properly maintaining accounting records. We expect to see a similar shift in Oman and look forward to supporting Omani companies with a range of functions, including auditing and consultancy, and guiding them through the process. Backed by a team of experienced professionals, our office in Muscat is already supporting businesses across the Sultanate, including the previously underserved areas of Salalah and Sohar.”
The country applies 5 per cent VAT on most goods and services, with exceptions for essential food items, medical care, education, and financial services. According to Oman’s Tax Authority Chairman Saud Nassir al Shukaili, this should raise approximately OMR400 million, equivalent to around 1.5 per cent of gross domestic product.
Rtulsian Global is a 5-decade full-service multinational Accountancy practice headquartered in London having offices in six countries. Over the last few years, the firm has opened offices in Bahrain, successfully acquired a 21-year-old accounting practice in the UAE, and established offices in Saudi Arabia, bringing tremendous opportunities for local employees to develop their skills, earn new expertise and unleash their true potential.
Headquartered in London, UK, the company provides a range of services to SMEs and corporate customers, including auditing, taxation, accounting, financial structuring, mergers and amalgamations, and business consultancy, among others.
