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Does issuing VAT invoices and filing VAT returns sufficient to stay compliant in Oman? The answer is No. Alongside generating invoices and filing VAT returns, businesses registered under VAT need to comply with several bookkeeping requirements. The Oman VAT law and regulation prescribe different types of records to be maintained and the period for retaining such records. This article will detail accounting book, and record-keeping requirements that registered businesses should adhere to.
The Oman VAT law mandates the regular maintenance of accounting records and books on time. You should keep the translation records related to imports, exports, and any other documents related to supply.
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The following are the list of records and statements that businesses should maintain:
Businesses should retain tax Invoices, accounting records and books, and customs documents related to the import and export of goods and any other documents for 10 years following the end of the tax year in which the VAT Return is filed.
In the case of real estate, books and all other records are to be retained for 15 years.
All VAT registered business except real estate
Real estate business
Accounting records, books and all other documents can be maintained electronically using automated accounting systems. However, the accounting transactions and all other documents must be issued on paper when requested by the authorities.
Following are the conditions to maintain the records electronically:
The registered businesses can maintain accounting records, books, invoices and all other documents in any language as long as they are made available to authorities in the Arabic language, upon request.
The accounting records or books must be maintained in local currency unless there is approval from authority to maintain in foreign currency.
TallyPrime is a business management software that integrates several business functions such as accounting, inventory, and VAT, ensuring your books and compliance are always in sync.
Accounting reports in TallyPrime
Using TallyPrime, the only thing you need to do is record invoices. Based on the invoice details, your accounts are prepared, inventory is updated, and compliance data is ready. When this happens, you can be assured that your financial reports give you a wholesome view of your business alongside maintaining all the records in line with Oman VAT law and regulation.
Read more on Oman VAT:
Oman VAT, VAT Invoice in Oman, Best VAT Software in Oman, Input VAT Deduction in Oman, Exempt Supplies in Oman VAT, How to Calculate VAT in Oman, Reverse Charge Mechanism in Oman VAT, What is VAT and How does it work, What are the Benefits of Applying VAT in Oman
VAT Registration Guide in Oman, VAT Registration Deadline in Oman, Who Should Register Under Oman VAT, Business Benefits of Voluntary VAT Registration, Oman VAT Registration Guide for Persons with CRN, What is Tax Group Registration in Oman VAT