Taxation Quiz -Quiz-1

VAT has been implemented in Oman in

• April 2021

• 2021

• May 2021

• October 2020

A company in Oman sells a product for OMR 500. The standard VAT rate in Oman is 5%. VAT amount is?

• 25

• 25 OMR

• 525 OMR

• 525

A company in Oman sells a product for OMR 500. The standard VAT rate in Oman is 5%. Total Price equal to?

• 25

• 25 OMR

• 525 OMR

• 525

VAT law in Oman mandates that businesses must mandatorily obtain VAT registration if the total value of supplies in a year exceeds or is expected to exceed Oman Riyal.

• OMR19,250

• OMR19,200

• OMR38,000

• OMR38,500

Businesses in Oman if has total supplies or expenditures in a year exceed or are expected to exceed OMR19,250.

• Voluntarily obtain registration

• Mandatorily obtain registration

• Both a & b

• All

A customer pays OMR 1,050 for a service, which includes 5% VAT. VAT-exclusive price is

• 50 OMR

• 1,000 OMR

• 2,000 OMR

• 1,050 OMR

A customer pays OMR 1,050 for a service, which includes 5% VAT. VAT amount is

• 50 OMR

• 1,000 OMR

• 2,000 OMR

• 1,050 OMR

Which of the following Zero-rated supplies?

• Exporting goods and services outside Oman

• International transportation services

• Basic food items

• All

Which of the following Exempt supplies based on Oman Tax Law?

• Exporting goods and services outside Oman

• International transportation services

• Basic food items

• Education services

A business sells the following items:

• Product A: OMR 200

• Product B: OMR 350

• Product C: OMR 450

• Total VAT payable is?

• 22.5 OMR

• 17.5 OMR

• 50 OMR

• 10 OMR