OCCI’s inaugural special seminar to explain VAT to business owners

Energy Tuesday 18/September/2018 21:29 PM
By: Times News Service
OCCI’s inaugural special seminar to explain VAT to business owners

Muscat: In an effort to create awareness about Value Added Tax (VAT) and issues related to it among the business community, the Oman Chamber of Commerce and Industry (OCCI) will be hosting a gathering later this month to explain everything involving the tax.
The event is to take place on Tuesday, September 25 at 4pm at the Chamber’s headquarters in Ruwi.
This will be the inaugural event which is part of the annual programme of the “evenings” initiative adopted by the current Board of Directors of the Chamber (2018 - 2022).
The title of the evening is “Value Added Tax: Potential Drivers, Targets and Impacts on Economy and Development.”
In a statement posted online, the OCCI has invited business owners to attend this first of its kind event on Value Added Tax”.
The “Value Added Tax” gathering will be held with the participation of Dr. Saleh Masn, Chairman of the Economic and Financial Committee at the Shura Council, and Ahmed Al Mukhini from the Capital Market Authority.
The “Value Added Tax Evening” aims to highlight the government’s approach to implementing the value added tax, in terms of importance, negativity and positive aspects of the application, and to demonstrate its economic and social impact on the Sultanate.
In course of the evening, the reasons that led to the government’s plan to apply the tax will be dwelt upon. The most important economic and social benefits expected from its application will also be explained at length.
Among topics to be discussed will be the impact of the tax on the private producers, exporters and importers, small and medium enterprises, and the social impact of the tax on the end consumer and those with limited incomes.
Adheem bin Abbas Al Bahrani, CEO of OCCI explained that the “evenings” programme will include the organising of evenings distributed throughout the year, topics will be selected from the reality of what is seen in the economic arena of developments and challenges facing them, taking into account the specificity of the Omani development experience and the composition of the private sector in the Sultanate.
He pointed out that the evenings will focus on the formulation of a common vision for the raised issues, including comprehensive solutions that the sector sees the possibility of adopting them in cooperation with the relevant authorities in the government and other bodies.
-With ONA inputs