The Oman Tax Authority (OTA) has published a VAT Taxpayer Guide on the Profit Margin Mechanism, which is primarily meant for taxable persons engaged in the buying and/or selling of used goods as part of their usual activity.
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Overview
The Profit Margin Mechanism is a special calculation method which may be applied to supplies of Used Goods by a trader in those goods. The mechanism enables the seller to pay output tax on the difference between the goods' selling price and purchase pric…