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All businesses that have a place of residence in Oman and whose value of supplies or expenses exceeds the registration threshold limit should register under Oman VAT. Even if they anticipate exceeding the threshold limit, businesses can register under VAT. While they can register based on the supply threshold, the law also allows them to cancel their VAT registration.
Let us understand the circumstances for the cancellation of VAT registration and the process to be followed.
Cancellation of registration is a provision that allows businesses to cancel their VAT registration. In simple words, the VAT registration will be de-activated. From that date onwards, they will not be permitted to levy VAT on supplies, claim input VAT on purchases/expenses, and be relieved from other compliance responsibilities.
|VAT Registration Guide in Oman||Business Benefits of Voluntary VAT Registration|
A registration cancellation request can be applied for by a person registered under VAT or done by the FTA on finding that a person meets the conditions for de-registration.
Businesses registered under VAT can apply for cancellation in the following cases:
Note that a person who has voluntarily registered under VAT cannot apply for registration cancellation in the 12 months following the date of registration.
An application to cancel registration should be submitted to the authority on the prescribed form and include the following information:
It is important to note that a business whose registration has been cancelled must keep the records and accounting books for a period of 10 years from the date of notification of the cancellation.
Also, businesses are required to allow inspection of the records and accounting books whenever requested by the authority. Using accounting software should be handy in recording and retaining the books of accounts as per the law. TallyPrime is business management software enabled with a complete VAT solution for Oman. Right from issuing tax invoices to filing VAT returns, TallyPrime is a one-stop solution for VAT and business requirements.
Read more on Oman VAT:
How Businesses in Oman Can Manage Budgets in TallyPrime Accounting Software?