BusinessVAT Deregistration Services

Gateway Oman Accounting Services in Oman is to deal with fundamental financial duties. Accounting firms in Oman takes the responsibility of keeping the records of all the transactions made within a firm.

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Bookkeeping services is the process of keeping records of financial transactions and preparing financial statements, like Balance Sheet and Profit & Loss A/c. With the introduction of various laws, maintaining the books of accounts has become a mandatory compliance requirement, apart from tracking the receivables and payable accounts.

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Our VAT deregistration services in Oman will ensure the cancellation of VAT registration. VAT deregistration, also known as cancellation or termination of VAT registration is typically done when a business needs to cancel its VAT registration with the Tax Authority. VAT deregistration is an online process to deregister from tax.

Types of VAT Deregistration

There are two types of VAT deregistration services, companies will choose one category before applying for VAT deregistration and it will be based on different reasons. Following are the VAT deregistration categories:

  • Mandatory VAT Deregistration
  • Voluntary VAT Deregistration

Mandatory VAT Deregistration

A taxable person should apply to deregister within 30 days if any of the following applies:

a. If they no longer carry out economic activities.

b. If the business has stopped making taxable supplies.

c. If they are no longer considered a legal entity. (Company Closed)

Voluntary VAT Deregistration

A taxpayer can opt for VAT deregistration if:

a. The value of their taxable sales in the past 12 months is between voluntary threshold and mandatory threshold.

b. The value of their taxable sales in the next 12 months (including the current month) is between voluntary threshold and mandatory threshold.

Time Frame for VAT De-registration

A registrant must apply for VAT deregistration within 20 business days from the occurrence of the above-mentioned events. Registrants can easily apply for VAT deregistration by accessing their relevant tax authority portals. Additionally, Companies that are getting closed must have a company liquidation letter from the government authorities to apply for VAT Deregistration.

Businesses need to submit a final and last VAT return filing after getting the pre approval of VAT deregistration application. Once the last VAT return filing has been submitted and all the liabilities are cleared, tax authority will cancel the VAT registration.

Details to be submitted for VAT registration cancellation

An application to cancel VAT registration should be submitted to the authority on the prescribed form and include the following information:

  • The name of the registrant
  • The registrant’s tax registration number
  • Reasons for and evidence of meeting the de-registration conditions
  • Date of meeting the cancellation condition
  • Details of the value of supplies in the last 12 months and an estimate of the value of supplies in the next 12 months.
  • Details of the value of expenses in the last 12 months and an estimate of the value of the expenses in the next 12 months.
  • Any other information determined by the authority.

Significance of VAT Deregistration

For taxable individuals and businesses, VAT deregistration process is as important as it is to register for a VAT. Businessmen must know the rules and process for VAT cancellation in Oman, as administrative penalties will be imposed upon failure to file an application within the timeframe specified in the tax law.

How Gateway Oman can help?

Besides offering VAT deregistration services in Oman, Gateway Oman provides various business services and VAT services that include CFO Services, Audit Services, Accounting & Bookkeeping Services, VAT registration and VAT filing services.

If you have any queries regarding the VAT De-registration process or about your current business, feel good to discuss with us. Gateway Oman is there for your support! 

Our expert will give you a free VAT consultation to keep your uncertainties away!

We worked with reputed companies in the world

We have doing many more reputed companies in oman. We have done with them with 100% satisfied services. Further service providing summaries across the Oman are below.

Bookkeeping Services

Audit & Assurance

VAT & Tax Consulting

Business Formation & Advisory

Pricing plans

Monthly 1 Visit

Basic Plan
OMR100/ Month
  • Quarter VAT Filing
  • Bank Reconciliations
  • Monthly VAT Summary
  • Monthly Basic Reports
Monthly 2 Visit

Standard Plan
OMR135/ Month
  • All Basic Packages Included
  • Document Controlling
  • Management Reports
  • VAT & Tax Consulting
Monthly 4 Visit

Premium Plan
OMR200/ Month
  • All Standard Plan
  • Finalization & Reports
  • Monthly Payroll Services
  • Annual External Audit
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