TaxSavvyOM

Keeping audit and accounting records

How long must we keep accounting records in Oman?

The situation

VAT records must be kept for 10 years (15 for real estate). Income tax assessments can reach back three to five years.

The law

  • VAT Law, Royal Decree 121/2020 (records and time limits): Keep records 10 years (15 for real estate); assessment within 5 years, 10 if registration was late
  • Income Tax Law (assessment time limits): Assessment generally within three years from the end of the year the return is filed; five years if no return

What it means for you

Keeping all accounting records for 10 years covers both VAT and income tax needs. Store invoices, ledgers, contracts and the audit file in an organised archive.

What to do

  1. Archive records by year.
  2. Keep at least 10 years.
  3. Back up digital records.
  4. Index for audits.

We can do this for youStatutory audit and IFRS accounts for the tax return: OMR 900

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