I am a new ERPNext user from Oman in the printing industry. I would like to ask questions in regards to VAT as it is coming to Oman in Early April.
I have researched online & have found that there is something called UAE VAT 201 Reporting, but when I tried to search for it in my ERP it is not there .Can some one clarify if the items in this is available for everyone or do I have change my region?
Don’t worry. It’s the same format as other GCC countries. Exception is KSA which has 15% VAT against 5% in other countries. Use the sales and purchase tax templates as mentioned by @MartinHBramwell Practice a bit and you will do fine.
We have a roadmap item for bootstrapping of Accounts / ledger and sales taxes and charges template as per the Oman govt. VAT regulation.
We will be great to learn about more specific fields and flags which will be needed in the master and transactions, so that VAT complaint report can be availed from ERPNext. Will highly appreciate if someone can help us with requirements like we did for UAE VAT.
Most of the requirements can be captured in the masters and fetch on the invoice level. Can you or @Muzzy highlight at the specific fields level information which we might have to include in ERPNext, so that we can bootstrap VAT configuration and reporting for Oman customers?
For example: UAE vat regulations requires additional fields like:
Customer tax ID
Address , with Emirate
Exemption details on item and invoice level?
and bunch of additional fields.
Based on this information collected on invoice level, we make a standard report for UAE customers. Here is the detailed requirement analysis for this report, which was later added.
If one of the community members can help us get the specific details, we at Frappe can try and delivery it in the core ERPNext application.
We have developed a monthly total VAT of sales and purchases agianst the VAT#'s. If they are above a certain value, which is parametric BTW, we report the total sale and/or purchase with the total number of related documents and send to the other party for approval. Are you looking for sth like this?