Tax Invoices
This video provides an overview of the different types of tax invoices essential for VAT-registered companies in Oman. It covers full, simplified, and used goods invoices (under the profit margin mechanism), along with self-issued and summary invoices. The video details the specific information required for each type and highlights the critical importance of maintaining these records for VAT compliance, preparing returns, and avoiding potential fines or imprisonment.
Video overview
Tax Invoices
Official source
- Uploaded
- 2021-09-12
- Duration
- 2:36
Key points
- There are three main types of tax invoices: full, simplified, and for used goods (profit margin mechanism).
- Simplified tax invoices are issued for supplies valued less than 500 OMR (excluding VAT) and do not include the invoice serial number or date of advanced payment.
- Tax invoices for used goods under the profit margin mechanism must explicitly state that the tax was calculated using this method.
- A self-issued profit margin invoice is required when purchasing used goods from a person not registered for VAT.
- VAT-registered persons can amend output VAT for rejected, cancelled, changed, or returned supplies.
- A summary tax invoice can be issued to consolidate all goods and services supplied to the same client during a particular month.
- Keeping all tax invoices, accounting books, records, and customs documents for 10 years (or 15 years for real estate) is crucial for VAT return preparation, compliance, and avoiding penalties.
Transcript-derived sections
Introduction to Tax Invoices
This section introduces tax invoices as an essential part of transactions for VAT-registered companies and for complying with VAT law requirements.
Full Tax Invoice
The full tax invoice is the first type, requiring information such as date of supply, invoice issued date, serial number, supplier and client details, and applied tax rate.
Simplified Tax Invoice
The simplified tax invoice is for supplies valued under 500 OMR excluding VAT.
Simplified Tax Invoice Details
A simplified tax invoice includes similar information to a full tax invoice but omits the invoice serial number and the date of advanced payment.
Tax Invoice for Used Goods (Profit Margin Mechanism)
This type of invoice is for used goods supplied under the profit margin mechanism. It includes all details of a full tax invoice except for the tax due, and must state that tax was calculated using the profit margin mechanism.
Self-Issued Profit Margin Invoice
If used goods are purchased from a non-VAT registered person, a self-issued profit margin invoice must be issued, including details about both the buyer and seller, the seller's signature, invoice serial number, purchase date, brief description of goods, and purchase price.
Amending Output VAT and Summary Tax Invoice
A VAT-registered person may amend the value of output VAT if a supply is rejected, cancelled wholly or partially, its nature changes, or goods/services are returned. A summary tax invoice can also be issued for all goods and services supplied to the same client during a particular month, including details similar to a full tax invoice.
Importance of Record Keeping
Keeping all tax invoices, accounting books, records, and customs documents related to exported and imported goods is necessary for preparing and submitting VAT returns. These records must be kept for 10 years, or 15 years if they relate to real estate, to protect rights and avoid fines or imprisonment.
Continue your readiness plan
Put the next source in context
Move between reviewed guidance, official video material, and the planning checker.
B2B and B2C invoice flows under Fawtara
Use source-grounded guides to plan the next business or technical step.
Excel and paper invoices under Fawtara
Use source-grounded guides to plan the next business or technical step.
Oman invoice archiving: the 10-year VAT record rule
Use source-grounded guides to plan the next business or technical step.
Check your Fawtara readiness
Use the self-declared planning checker, then confirm your position through official channels.
Ask Fawtara Assistant
Continue with a cited answer from the approved Fawtara source corpus.
Video summaries are informational and grounded in the approved transcript package. Confirm taxpayer-specific obligations through official channels.