Complete Financial Compliance
Professional Audit, Accounting & Financial Services in Oman At Kashi Consultancy, we provide complete audit and accounting solutions for businesses in Oman. Our services ensure financial accuracy, regulatory compliance, and transparent reporting for better business decisions. We support SMEs, startups, and established companies with reliable financial services tailored to their needs such as Income Tax Audit, VAT Submission, Bookkeeping Services and Installation of Accounting Software. Kindly refer below for detailed description of the information mentioned. As per Oman rules, VAT filing is to be done every quarter. Failure of submission of the report can result in a penalty/ fine up to OMR 500. As per Oman rules, Failure of submission of yearly audit / income tax report shall result in tax assessment and fines up to OMR 500 to OMR 5000
Income Tax & Audit
Audit & Accounting
Professional audit, accounting, and financial services in Oman.
1. What is an Audit?
An audit is an independent examination of financial records to ensure accuracy, transparency and compliance with IFRS regulations.
2. Types of Audits
- External Audit
- Internal Audit
- VAT Data Preparation & Submission
- Stock Audit
Audit Services
At Kashi Consultancy, we provide complete audit and accounting solutions for businesses in Oman. Our services ensure financial accuracy, regulatory compliance, and transparent reporting for better business decisions.
We support SMEs, startups, and established companies with reliable financial services tailored to their needs — including Income Tax Audit, VAT Submission, Bookkeeping Services, and Installation of Accounting Software.
VAT Quarterly Filing
As per Oman rules, VAT filing is to be done every quarter. Failure of submission of the report can result in a penalty or fine up to OMR 500.
Yearly Income Tax / Audit Report
Failure of submission of the yearly audit or income tax report shall result in tax assessment and fines up to OMR 500 to OMR 5,000.
VAT Registration & Filing
Complete VAT registration, return filing, and compliance management for businesses in Oman and India.
1. VAT Services
VAT Registration & Filing
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VAT RegistrationAssistance in VAT registration process.
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VAT DeregistrationSupport for VAT cancellation when required.
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VAT Return FilingQuarterly VAT return preparation and submission.
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VAT RefundAssistance in VAT refund process.
Who Must Register for VAT in Oman?
Mandatory VAT Registration
A business must register for VAT if its annual taxable turnover:
- Has exceeded OMR 38,500 during the previous 12 months; or
- Is expected to exceed OMR 38,500 during the next 12 months.
Note: As per Oman rule, every commercial registration in Oman must register for VAT once the company turns 1 year old.
Quarterly Filing Required
As per Oman rules, VAT filing is done every quarter.
Non-Compliance Penalty
Failure to submit quarterly VAT reports can result in a penalty / fine up to OMR 500 per quarter.
Responsibilities of a VAT-Registered Business
- 1Charge 5% VAT on taxable goods and services
- 2Issue valid Tax Invoices
- 3File VAT Returns on time
- 4Pay VAT by the due date
- 5Maintain proper accounting records and supporting documents
- 6Comply with all VAT regulations issued by the Oman Tax Authority
Penalties for Non-Compliance
- Financial penalties up to OMR 500 for non-submission
- Late payment charges
- Interest on outstanding VAT
- Additional legal action by the Oman Tax Authority
- Error in false VAT report can result in tax assessment and huge penalties
Important Note
VAT registration is based on taxable turnover (sales/revenue) rather than business profit. Even if a business is not generating profits, it may still be required to register for VAT if its taxable turnover exceeds the mandatory registration threshold.
INCOME TAX & AUDIT
Independent examination of financial records for accuracy, transparency and IFRS compliance.
What is an Audit?
An audit is an independent examination of financial records to ensure accuracy, transparency, and compliance with IFRS regulations. It helps businesses maintain trust, detect errors, and ensure legal compliance.
Who Needs an Audit?
All commercial registrations in Oman must compulsorily complete the income tax / audit procedure every year — whether the registered company is actively operating or not, until it is deregistered.
Types of Audits
- External Audit
- Internal Audit
- VAT Data Preparation and Submission
- Stock Audit
Benefits of Audit
- Financial transparency
- Legal compliance
- Better decision making
- Business credibility
Audit helps in taking better decisions for smooth operations and accurate budgeting for upcoming years.
Audit Process
Data Collection
Gathering all financial records and supporting documents.
Financial Review
Thorough examination of accounts and transactions.
Verification
Cross-checking records for accuracy and completeness.
Reporting
Preparation of audit report with findings and observations.
IFRS Statements
Preparation of Balance Sheet, Profit & Loss and Trial Balance per IFRS standards.
External Audit
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Stock Audit
Required audit as per legal regulations.
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Annual Audit / Income Tax Audit
Yearly financial review of business accounts.
Internal Audit
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Internal Control Review
Evaluation of internal systems and procedures.
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Risk Assessment
Identification of financial and operational risks.
Internal audit helps verify all financial documents, prepares data, and ensures all financial transactions are accurate and transparent.
Common Audit Findings
- Accounting errors
- Missing records
- VAT mismatches
Mandatory Annual Submission
All commercial registrations must submit a yearly income tax / audit report to the Oman government. Failure to submit can result in tax assessment and fines ranging from OMR 500 to OMR 5,000.
Accounting & Bookkeeping
ACCOUNTING SERVICES & BOOKKEEPING SERVICES
Accounting Overview
Complete financial record management for your business.
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Daily AccountingRecording daily transactions accurately.
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Weekly / Monthly AccountingMonthly financial summaries and reports.
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Financial ReportingPreparation of professional financial statements.
Systematic Transaction Recording
Accounting and bookkeeping services include systematic recording of financial transactions:
- 1Tracking all sales transactions
- 2Recording all business purchases
- 3Monitoring business expenses
- 4Matching bank statements with records
ACCOUNTING / POS SOFTWARE SOLUTIONS
ACCOUNTING SOFTWARE SUPPORT
Software Services
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Software SetupSetup of accounting systems.
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Data EntryAccurate data entry services.
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Report GenerationAutomated financial reporting.
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System SupportOngoing software support.
POS & Accounting Software
We provide installation of POS / accounting software for smooth business operations. Our team ensures your systems are correctly configured, data is accurately entered, and reports are generated for better financial visibility.
Why Use Our Software Support?
- Faster and more accurate financial records
- Real-time business performance insights
- Reduced manual errors and time savings
- Compatible with Oman VAT requirements
1. Payroll Management.
Financial Reporting
Comprehensive financial reporting and analysis for business owners and investors.
Comprehensive financial reporting and analysis for business owners and investors.
Comprehensive financial reporting and analysis for business owners and investors.
Clean Books. Full Compliance.
Our qualified accountants understand both Indian and Omani regulations — keeping your business financially compliant, organized, and ready for growth.
Let's Build Your Business Together
Contact our team today for a free consultation and take the first step toward your business success in India and Oman.
Book a Consultation