Date: March 29, 2017
Zubair Small Enterprises Centre (Zubair SEC)’s ‘Tajribati’ recent session counselled SMEs on dealing with financial issues that arise while managing their businesses, and best approaches to handle taxation. The session also provided information on incentives available to SMEs to enable them to expand and grow.
Zubair SEC’s ‘Tajribati’ discussion sessions serve as a unique platform to connect business experts with start-up owners and new entrepreneurs to exchange views, discuss common challenges and share best practices.
The main speaker at this session of ‘Tajribati’, Sultan Freish Al Siyabi, director of CA Group Comapny provided insight on taxation for SMEs and the update made on tax laws recently.
Al Siyabi shed light on how SMEs need to be prepared to deal with taxation and have their books regularly updated. He also outlined the need for best practices in proper tax management.
Explaining that the tax environment in Oman is evolving rapidly, Al Siyabi emphasized that it is important that start-ups and SMEs are aware of the changes in tax law for their own benefit. New entrepreneurs must fully assess tax-planning strategies with their finance team. While SMEs used to enjoy certain tax relief, they need now to commit to taking the long-term steps necessary to guarantee accurate tax compliances.
It may be recalled that Zubair SEC recently signed a collaboration agreement with CA Group company as per which the firm will extend accounting and auditing services to the centre’s members. Founder of CA Group himself, Sultan Al Siyabi, is member of Zubair SEC, and this collaboration aligns with the Centre’s efforts to create cross-selling opportunities between its members.
CA Group Company is one of the fast-growing professional services firm in Oman. The company has been established to serve the assurance and advisory needs of businesses in a wide range of industries. The company provides a full range of auditing, accounting, internal audit, taxation and advisory services to public and private companies in all industrial sectors.
Explaining the idea behind choosing the taxation topic for the session, Ali Shaker, Business Advisor at Zubair SEC said, “This is an incredibly important subject for SMEs. Start-ups and new entrepreneurs must have a strong foundation on accounting, financial reporting and governance practices. This session encouraged our members to ask questions regarding the optimal management of their business and financial affairs. Our expert speaker suggested unique solutions for existing or anticipated tax issues.”
The ongoing ‘Tajribati’ discussion sessions organised by Zubair SEC – a social responsibility initiative of The Zubair Corporation – are aimed at providing young entrepreneurs and owners of small and medium enterprises a platform to have dialogues and discussions with experts and amongst each others on topics related to business.