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1- Al-Salam's Company produces cables in Oman During 2020, the company received OR 802,000 from the sales of cables and OR 50,000 from exporting the
1- Al-Salam's Company produces cables in Oman During 2020, the company received OR 802,000 from the sales of cables and OR 50,000 from exporting the cables. The company paid OR 3,500 to a German consultant company. What total value of supplies should Al-Salam's Company report and what value added tax should pay?
2- Caps company rents a building on March 1 2019 and starts the business on June 15, 2019. The company estimates a monthly income of OR 4,500 from selling taxable supplies. State when (i.e. date) and why, if at all, the company is liable to register for VAT.
3- On 1 January 2017, A&M LLC. was established to provide auditing services. The company has 5 members on its board. The 2019 financial report showed a total of OMR 100,000 remunerations paid to the board members. The company's net income was OMR 850,000 and taxable income before such remuneration was OMR 800,000. For tax purposes, how much of the remunerations are deductible expenses?
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