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In Oman Vat, on all types of supplies 5% VAT will be levied. However, given the importance of certain type 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 it.
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