TaxSavvyOM

Keeping records after closure

Do we need to keep records after the company is closed?

The situation

VAT records must be kept for 10 years (15 for real estate). Income tax assessments can be made within three years, or five if no return.

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

Name a former director or adviser to hold the archive for at least 10 years. If the Tax Authority reviews a past period, you will need invoices, contracts and accounts. Share the contact with shareholders.

What to do

  1. Name a record keeper.
  2. Archive records.
  3. Keep for 10 years.
  4. Share contact details with shareholders.

We can do this for youLiquidation and deregistration: VAT, tax card and commercial registration: OMR 1,200

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