UAE VAT Quiz - Frame 1

VAT stands for?

• 1. Varying Annual Tariff

  
  

• 1. Validated Account Transaction

  
  

• Value Added Tax

• 1. Voluntary Assessment Threshold

  
  

Which french economist first introduced VAT?

• Maurice Laure
• Jean-Paul Sartre
• Napoleon Bonaparte
• Marie Curie

In which country was VAT first introduced

• France
• Germany
• China
• United States

In which year did European Union(EU) harmonised VAT?

• 1965

• 1987
• 1967

• 1977

What does OECD stand for?

• Office of Economic Cooperation and Development
• Organization for Economic Co-operation and Development
• Overseas Economic Cooperation and Development
• Organization of European Cooperation and Development

Which is the only OECD country that hasnt adopted VAT?

• Japan
• Germany
• Canada
• United States

_________________ is the regulatory body responsible for administering VAT and providing relevant guidelines in UAE.

• Dubai Tax Bureau
• Emirates Tax Authority
• Federal Tax Authority (FTA)
• UAE Tax Commission

What is mandatory threshold for VAT registration in UAE?

• AED 375,000
• AED 100,000
• AED 250,000
• AED 500,000

What is the voluntary threshold for VAT registration in UAE?

• AED 187,500
• AED 100,000
• AED 200,000
• AED 150,000

Which is best possible reason you could pickup to show why any business should apply for voluntary registration for VAT?

• To increase expenses and reduce profits
• To avoid paying taxes altogether
• To claim input tax credit and improve credibility. Also not to bump up the pricing due to the inclusion of input tax.

• To complicate the accounting process