Audit timetable for a 30 April deadline

The situation

The single tax return with audited accounts is due within four months after year end.

The law

• Royal Decree 118/2020 amending the Income Tax Law: Single return within four months of year end from 2020; tax card registration within 60 days of starting business and updates within 30 days
• Income Tax Law (accounts with the return): Return with audited accounts signed by an auditor registered in Oman, under IFRS

What it means for you

Close books by mid February, hold audit fieldwork in March, sign by mid April and file by 30 April. An extension is discretionary and does not defer payment, so a late audit can still cost 1 percent a month on unpaid tax.

What to do

1. Book the auditor in December.
2. Close books by mid February.
3. Finish fieldwork in March.
4. File by 30 April.

Related

• Branch of a foreign company and audit
• What if the audit runs late
• Foreign auditor signing Oman accounts
• Accounting standards for the statutory accounts
• Small companies and the audit rule
• Audited accounts must go with the return