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Assume the rate of VAT is 5 % in Oman. The following transactions are relating to buying and selling of a taxable supply: Manufacturer charges
Assume the rate of VAT is in Oman.
The following transactions are relating to buying and selling of a taxable supply:
Manufacturer charges to wholesaler OMR
Wholesaler charges to retailer OMR
Retailer price to customer OMR
The stated values are exclusive of VAT.
Requirement:
a Calculate VAT that will be forwarded by the supplier to the government.
b How much total VAT will be collected by government?
c How much will be the total tax burden on customer?
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