Real Estate

Contents

1. Introduction

1. 1.1. Overview

2. 1.2. Sultanate of Oman Tax Authority ("TA")

3. 1.3. What is This Guide About?

4. 1.4. Definitions

2. Registering for VAT

3. Supplies of Real Estate

1. 3.1. VAT Treatment of Supplies of Real Estate

2. 3.2. Definition of Real Estate

3. 3.3. Sale and Rental of Real Estate

4. 3.4. Other Supplies Related to Real Estate

5. 3.5. Transfer of an Activity

4. Undeveloped Land (Bare Lands)

1. 4.1. Definition of Undeveloped Land

2. 4.2. Application of VAT on Undeveloped Land

3. 4.3. When a Land Would be Considered as Developed Land?

4. 4.4. Leasing Undeveloped Land for Development

5. Residential Real Estate

1. 5.1. Definition of a Residential Real Estate

2. 5.2. Resale of Residential Real Estate

3. 5.3. Rental of Residential Real Estate

4. 5.4. VAT Treatment of Car Parking

5. 5.5. VAT Treatment of Service Charges Relating to Residential Real Estate

6. 5.6. Single and Multiple Supplies

7. 5.7. Real Estate Owned by Individuals

6. Commercial Real Estate

1. 6.1. Definition of Commercial Real Estate

2. 6.2. VAT Treatment of Commercial Real Estate

7. Mixed Use Real Estate

1. 7.1. Definition of a Mixed Use Real Estate

2. 7.2. VAT Recovery on Development Costs

3. 7.3. VAT Recovery on Repair & Maintenance Costs

8. Place of Supply

1. 8.1. Place of Supply of Real Estate and Related Services

2. 8.2. Providing Services by Non-Residents

3. 8.3. Real Estate Within a Special Zone

9. Construction Industry

1. 9.1. Definition of Construction Services

2. 9.2. VAT Treatment of Construction Services

3. 9.3. Tax Due Date for Construction Services

4. 9.4. Retention Payments/Deposits

5. 9.5. Snagging

6. 9.6. Partially Completed Buildings

10. Transitional Provisions

11. Reporting the VAT

1. 11.1. Date of Supply

2. 11.2. Issuing Invoices

3. 11.3. Filing VAT Returns

4. 11.4. Keeping Records

5. 11.5. Correcting Past Errors

12. Penalties