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Issuing invoices is one of the critical aspects of the business. With VAT, all the registered businesses should follow guidelines as prescribed in Law and regulation for issuing invoices. If you are making a taxable supply, as a business, you must ensure that a tax invoice is issued. Also, for a VAT registered buyer, the tax invoice enables the customer to support their reclaim of input tax for the VAT charged.
Before we get into the mandatory elements that one should capture on the tax invoice, let’s understand different types of VAT invoices in Oman.
A tax invoice is a detailed invoice that a VAT registered business must issue in the following cases:
|Record and Book Keeping Requirement under Oman VAT||Time of Supply in Oman VAT|
A simplified tax invoice is a simplified version of a tax invoice, in which fewer details are required to be captured, as compared to a full detailed tax invoice. A registered business can issue a simplified tax invoice after obtaining the approval of the authority when the following conditions are met:
Businesses issuing tax invoices should ensure the following elements/components are mentioned on the tax invoice.
Following are components of simplified tax invoice:
There is no prescribed format or style of a tax invoice, but the Law and Regulations only mandate the minimum information that must be included on an invoice.
Bilingual tax invoice, both in Arabic and English, generated in TallyPrime
Tax invoice (format-1) generated in TallyPrime
Tax invoice (format-2) generated in TallyPrime
A simplified tax invoice generated in TallyPrime
TallyPrime is a business management software with a complete VAT solution for Oman. It comes with the capability to auto calculate VAT and helps you generate VAT compliant tax invoices. Using TallyPrime, you can generate bilingual tax and POS invoices in Arabic and English. You can also generate invoices either only in English or Arabic as per your business needs.
What’s more? You can generate accurate VAT returns with the in-built prevention, detection, and correction capability.
Read more on Oman VAT:
How Businesses in Oman Can Manage Budgets in TallyPrime Accounting Software?