Statutory audit and IFRS accounts for the tax return
We close your books, prepare IFRS accounts and manage the audit with an Oman registered auditor, so signed accounts are ready for the tax return by 30 April.
OMR 900Yearly
For: Companies filing the 15 percent return (audited accounts must be attached) and companies that must appoint an auditor under the Commercial Companies Law.
What we need from you
General ledger and trial balance
Accounts preparation
Bank statements and confirmations
Audit evidence
Fixed asset register
IFRS and tax depreciation
Sales and purchase contracts
Revenue and cost recognition
Gratuity and leave schedules
Employee provisions
Related party balances
Disclosure and TP review
Prior year audited accounts
Opening balances
What we discuss
Does the company qualify for the 3 percent small regime?
Audited accounts requirement is relaxed for these taxpayers
Who is the Oman registered auditor?
Only registered auditors can sign accounts for the return
Any related party loans or recharges?
Disclosure and thin capitalisation
Will books close in time for a March audit?
Return due 30 April for December year ends
What we file
Close books and prepare IFRS accounts
Audit fieldwork and sign off
Gratuity provision example: 10 expat staff, average basic OMR 700, 3 years each at one basic per year = 10 x 700 x 3 = OMR 21,000
Upload audited accounts with the tax return
What you get
Signed IFRS financial statements
Management letter points
The law
- Income Tax Law (accounts with the return): Return with audited accounts signed by an auditor registered in Oman, under IFRS Source
- Commercial Companies Law, Royal Decree 18/2019: Company forms, auditors, dissolution and liquidation Source
- 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 Source
- Income Tax Law (small company return): Simplified return with a cash basis income statement within three months of year end; audited accounts relaxed Source
Questions people ask
- Audited accounts must go with the return
- Small companies and the audit rule
- Accounting standards for the statutory accounts
- Foreign auditor signing Oman accounts
- End of service provision in the accounts
- Audit timetable for a 30 April deadline
- Related party disclosures in the accounts
- Keeping audit and accounting records
- Branch of a foreign company and audit
- What if the audit runs late
Contact us to book
Online payment in OMR is not open yet. Send us a message and an adviser for Oman confirms the scope and the fee before any work starts.