- The Oman Tax Authority has released a VAT Taxpayer Guide on the Profit Margin Mechanism for those engaged in buying and selling used goods.
- This mechanism allows sellers to pay output tax only on the profit margin of the goods sold, rather than on the full consideration received, addressing the issue of double taxation on previously non-deductible VAT costs.
- The mechanism is available to all taxable persons who meet the conditions listed in the VAT Executive Regulations and have approval from the Tax Authority.
- Strict invoicing and record keeping requirements must also be met.
Source Orbitax
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