ICAI Muscat Chapter launches its VAT knowledge series

Business Wednesday 03/February/2021 16:26 PM
By: Times News Service
ICAI Muscat Chapter launches its VAT knowledge series

Muscat: The Muscat Chapter of the Institute of Chartered Accountants of India (ICAI) launched its VAT knowledge series for its members in of Oman as part of its continuing education programme knowledge series.

CA N Ramananda Prabhu, the Chairperson, welcomed the members and stated the plan to further enhance the standing of the Muscat chapter of the ICAI and to conduct knowledge series, seminars, events on a variety of topics that would help all accounting professionals become great business leaders. He also provided an overview of the activities and the event carried out by the Chapter for its members during the year. He stated that these included professional education as well as family events for its members.

CA Prabhu congratulated Dr Khalfan Al Barwani, the chief guest and Chairman of College of banking and financial services for having bagged two research awards from ICAI Research Foundation recently. He also thanked Al Barwani and his team for their spontaneous support to Muscat chapter ICAI.

Al Barwani commended the initiative of the Muscat chapter for capacity building of all finance professionals in Oman. He said, “Starting early is instrumental in ensuring that VAT implementation runs smoothly for any business, and also being properly trained is critical to ensure program success, so businesses need to provide the best possible training for all employees who will be handling the transition to VAT. VAT will also improve the economy of Oman and also contribute to the national exchequer.”

Taysir Nasib Al Rawahi, Director Tax services at Crowe in Oman, provided an overview of the tax landscape in the GCC. He discussed the current state of play with VAT in other GCC countries and highlighted key nuances which businesses and accounting professionals should consider when getting the businesses ready for VAT.

Aastha Rangan, Past Chairperson of ICAI Muscat Chapter and Director of Crowe Oman, continued the discussions by taking the audience through some of the key features and mechanisms of VAT. Binit Shah, Partner of Crowe UAE highlighted the key transactional and practical challenges businesses may encounter while transitioning to the VAT regime. Further, the Crowe team addressed the questions they receive from the audience regarding VAT implementation.

Pugal T, Senior consultant from Tally Solutions presented how VAT compliance can be simplified with Technology. Nandaraj Shetty, Country manager of Tally Solutions Middle East also was present in the event.

CA Sanil Varghese, the Vice-Chairman, proposed a vote of thanks to Crowe Oman for their very informative and interactive session on VAT. He thanked the Tally Solutions for their continued support as a technology partner. He also thanked CBFS for being the official sponsor for the ICAI-Muscat Chapter, the Chairmen, the committee members and the parent - Institute of Chartered Accountants of India, for their continued support and guidance.

CA Shilpa Pawani, CPE Sub-Committee member compèred the programme.

ICAI-Muscat Chapter is sponsored by the College of Banking and Financial Studies (CBFS) and is set up under the Memorandum of Understanding between The Institute of Chartered Accountants of India (ICAI), New Delhi and The College of Banking and Financial Studies, Sultanate of Oman and has the objective of providing Continuing Professional Education to the members of the ICAI and this process of professional development is extended to the accountants and finance professionals of all nationalities.  The chapter was established in 2008 and has over 300 members.