VAT: easy as ABC?
Startup founders with a few years under their belt know: even when those early sprints are over, and users love the current iteration, even when your launch is done and retention is growing - you'll still encouter new issues all the time. Sometimes these will come from your team or your product, sometimes from the market, and sometimes even larger forces can force you to examine how you operate.
We all knew it was coming, and in October 2020 His Majesty the Sultan of Oman issued a decree - VAT to be introduced to the country, making it the fourth of the GCC region to implement the tax. It's a significant move for the government and for businesses operating in Oman; and especially for startups and SMEs operating without the benefit of finance directors or in-house advisors, it's vital to consider the implications. What will VAT mean for small business owners in Oman?
Omani startup powerhouse OTF (Oman Technology Fund) have partnered with Metric Bee founder and CEO Maya Beyhum to take the latest cohorts from accelerators Techween and Wadi through the higher concepts and practical details of VAT and the big effect it can have on small business.
"My work with OTF's startups is always fulfilling and it's always exciting to see new Omani founders attend our workshops", said Maya, who designs and delivers workshops and training sessions on all branches of finance. "For startups and SMEs, it's not easy to come by the knowledge and advice you need to successfully navigate a new tax environment, and I look forward to working with the OTF cohorts to set them up for success for the new era of VAT in Oman".