An estimated 1.5 per cent increase towards the country’s gross domestic product (GDP) is projected once the VAT is introduced. This will have a positive impact on the economic and social development and the international competitiveness of the Sultanate. The implementation of the 5% VAT comes in line with the GCC framework that was agreed upon between the six-nation bloc. The neighbouring countries like the UAE, Saudi Arabia and Bahrain have already levied with their VAT.
When the implementation materializes most companies find it difficult to comply, especially when embracing the new change which affects largely the business assets and accounting cash flows. CRESCO Accounting helps clients to be fully aware of all the rules and regulations when it comes to taxation and financial reports and forms that are required by the government.
We position ourselves ready to address the demands of SME’s and individual clients in this area. Our in house professionals are experts in accountancy and taxation and compliant to Continuing Professional Development in their respective field.