/** * The main template file * * This is the most generic template file in a WordPress theme * and one of the two required files for a theme (the other being style.css). * It is used to display a page when nothing more specific matches a query. * E.g., it puts together the home page when no home.php file exists. * * @link https://developer.wordpress.org/themes/basics/template-hierarchy/ * * @package WordPress * @subpackage Tally * @since 1.0.0 */ ?>
In Oman Vat, on all types of supplies 5% VAT will be levied. However, given the importance of certain types of supplies, the Oman VAT is provisioned to give special treatment to certain notified supplies. This special provision is known as zero-rated supplies. In this blog, let’s understand what is zero-rated supplies and the type of supplies covered under them.
Zero-rated supplies refer to the taxable supply on which VAT is charged at a zero rate. As the name suggests, on these supplies, Vat will be charged at 0% but wondering why the definition still says taxable?
The reason why zero-rated supplies are included under the taxable supplies bracket is to enable businesses to claim input Vat deduction on it. In simple words, you will be allowed to claim the VAT paid on the purchases though you will not be charging the VAT on your sale.
The only difference is that taxable supplies attract a standard rate of VAT at 5% while on zero-rated supplies, VAT is levied at 0%.
Below is the list of supplies classified as zero-rated supplies
The above is the broad list of supplies that are classified as zero-rated supplies. It is important to note that zero-rated supplies come with the limits, conditions, and circumstances determined by the regulations and the authorities.
Read more about Oman VAT
Exempt supplies in Oman VAT, Introduction to Oman VAT, VAT Rate in Oman, Who Should Register Under Oman VAT, VAT Registration Guide in Oman, Business Benefits of Voluntary VAT Registration, How to Calculate VAT in Oman?, What are the Taxable Goods and Services Under VAT in Oman?, How does VAT affect Omani businesses?, Stay VAT Compliant with TallyPrime’s Amazing Capabilities, What Are the Benefits of Applying VAT in Oman?, How is Introduction of VAT going to Affect Oman Economy?, VAT Invoice in Oman, What is VAT and How does it work?, VAT Registration Deadline in Oman
Read more on Oman VAT
Oman VAT, VAT Invoice in Oman, Best VAT Software in Oman, Input VAT Deduction in Oman, Exempt Supplies in Oman VAT, How to Calculate VAT in Oman, Reverse Charge Mechanism in Oman VAT, What is VAT and How does it work, How is Introduction of VAT going to Affect Oman Economy, Place of Supply of Services under Oman VAT, Place of Supply of Goods under Oman VAT, Value of Supply in Oman VAT, How does VAT affect Omani businesses, Time of Supply in Oman VAT
VAT Rate in Oman, Food Items Subject to Zero-rate VAT in Oman
VAT Registration Guide in Oman, VAT Registration Deadline in Oman, Who Should Register Under Oman VAT, Business Benefits of Voluntary VAT Registration, Oman VAT Registration Guide for Persons with CRN, What is Tax Group Registration in Oman VAT
VAT Return in Oman, Oman VAT Return Format, FAQs on Oman VAT Return, How to File Oman VAT Return
How Businesses in Oman Can Manage Budgets in TallyPrime Accounting Software?