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Tax Invoices need to be issued by a taxable person when making a supply of goods or services including a deemed Supply, or when receiving consideration in full or part before the date of supply. Tax Invoices may be issued by third parties on behalf of the Taxable Person on approval of the authority.
The conditions and rules to issue Tax Invoices, their types, amendments, and the details it must include, and cases that are exempt from issuing a Tax Invoice will be determined by regulations.
Tax Invoices in Oman are to be issued in Omani Rials. They can be issued in a foreign currency but the Tax value is to be calculated in Omani Rial using the average purchase and sale price of the currency published by the Central Bank of Oman at the Tax due date.
Accounting records and books in Oman must be regularly maintained by a taxable person on time. The records of transactions related to supplies of goods and services and the import or export of goods.
Records and books that must be maintained by the Taxable Person, and the rules and procedures related to it, and the details that must be recorded, and documents that must be retained will be determined by regulations.
Accounting records or books can be maintained by a taxable person in a foreign currency after receiving written approval from the Authority.
Tax Invoices, accounting records and books, and customs documents related to the import and export of goods and any other documents that are related to implementing the provisions of Oman VAT Law need to be retained by the taxable person for 10 years following the end of the Tax Year in which the Tax Return in Oman is filed. The aforementioned period extends to 15 years for real estate.
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