TaxSavvyOM

Stock losses

Some excise goods were damaged. Do we still pay?

The situation

Excise is charged on goods released for consumption, so stock records decide what is taxed.

The law

  • Oman Excise Tax Law (in force 15 June 2019): 100 percent on tobacco, pork, alcohol and energy drinks; 50 percent on carbonated and sweetened drinks

What it means for you

Excise depends on release and stock records. Without evidence, missing stock can be treated as released and taxed. Keep damage reports and destruction records, and ask the Tax Authority how to record losses.

What to do

  1. Record damage when it happens.
  2. Keep photos and destruction records.
  3. Ask the Tax Authority how to report losses.
  4. Adjust the excise return as allowed.

We can do this for youExcise tax registration and returns: OMR 200

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