A retailer buys a product from the wholesaler at 120 OMR and wholesaler charges sales taxof 8%. The retailer fixes the price at 180 OMR to the customer at the same tax rate. Howmuch VAT does the retailer pay to the government?O a.24 OMRO b. 4.8 OMR14.4 OMRO d. 9.6 OMR

VAT or value added tax as the name suggets is the tax calculated on the sales value but paid after…

Answered: A retailer buys a product from the…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Similar questions

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Help me do this example 7
In application for VAT refunds due from input tax on zero-rated sale, the BIR is expected to make refund within _____ days: 30 90 120 60
T7.
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QUESTION 1 A) By way of an example , state the difference between an “Exempt supply and a “Zero -rated supply” ? B) A second dealer buys a used fridge from a non-vendor for NAD 600 for resale. He pays the person NAD 400 immediately and the balance of NAD 200 in the next VAT period. Calculate the input tax that the second hand dealer will be entitled to claim ? C) A vendor purchases a VEHICLE for private purposes on 1 March 2020. The VEHICLE costs NAD228 000 including VAT (excludes finance charges and any other charges incurred). The vendor then decides to use the VEHICLE exclusively in his business for delivery of goods to his/her customers with effect from1 March 2020. At the time of introducing the VEHICLE into the business, it had an open market value of NAD205 200. Calculate input VAT to be claimed by the vendor?

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A retailer buys a product from the wholesaler at 120 OMR and wholesaler charges sales tax of 8%. The retailer fixes the price at 180 OMR to the customer at the same tax rate. How much VAT does the retailer pay to the government? O a. 24 OMR O b. 4.8 OMR 14.4 OMR O d. 9.6 OMR