VAT Knowledge Test GCC
VAT Knowledge Test GCC
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Information
Our General VAT Knowledge test aims to capture your current VAT knowledge. Our questions are based on real-world commercial examples accumulated from many years of advising businesses on international VAT issues and scenarios.
By undertaking this assessment and reviewing the responses, you will be able to spot your VAT knowledge gaps and assess where you can improve with our courses.
INSTRUCTIONS
1. Our VAT Knowledge Test GCC comprises multiple choice questions and will take approximately 20 to 30 minutes to complete.
2. Please take the assessment in one sitting as closing your internet browser will delete your question choices.
3. Please use the Next and Previous navigation buttons in the form, rather than the internet browser. Refreshing the page or using the internet browser navigation buttons will delete your question choices.
4. All questions in the assessment are multiple choice.
5. Please answer all questions in the assessment.
6. Once you have submitted your assessment question choices, you will be immediately notified of your results. Your submission results will be emailed to the email address you provided.
If you are not directed to the General VAT Knowledge test submission confirmation page, please get in touch with us to ensure that your assessment choices have been registered.
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Question 1 of 20
1. Question
What is VAT?*
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Question 2 of 20
2. Question
Is the following an example of an input or an output? Making a supply of services to a business in Abu Dhabi*
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Question 3 of 20
3. Question
Is the following an example of an input or an output? Buying goods from a distributor to be sold by your organization *
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Question 4 of 20
4. Question
When making a supply to a customer of something that you have bought to re-sell, the VAT rate on the input is always the same as the VAT rate on the output:*
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Question 5 of 20
5. Question
When making a supply to a customer of something that you have bought to re-sell, the VAT charged to the customer is calculated by reducing the output tax due to be charged by the input tax incurred in purchasing the goods:*
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Question 6 of 20
6. Question
Business A” buys goods from VAT registered Business B. Business A does not pay the invoiced amount (net amount + VAT) before he files his VAT Return. Will Business A be in a positive cash position when he files his VAT Return?*
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Question 7 of 20
7. Question
Which of these is not a rate of VAT in the UAE?*
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Question 8 of 20
8. Question
Abdullah Enterprises is a UAE VAT registered business. Abdullah Enterprises has engaged a consultant in the UAE (also a UAE VAT registered business) that will provide business development services and sales leads. The consultant has an office in the Abu Dhabi and is only VAT registered in the UAE. In the course of his business activities, the consultant makes phone calls from the UAE to potential customers in the UAE and the GCC, and to Non-GCC businesses. He will also physically travel around the GCC and to non-GCC countries to meet with potential customers and clients. Should the UAE consultant be charging VAT on all of his services?*
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Question 9 of 20
9. Question
What is a reverse charge?*
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Question 10 of 20
10. Question
What is the appropriate evidence for deducting VAT on a domestic purchase?*
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Question 11 of 20
11. Question
A UAE Business must only issue invoices in English language:*
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Question 12 of 20
12. Question
VAT is charged on:
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Question 13 of 20
13. Question
At which percentage is VAT levied in UAE?
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Question 14 of 20
14. Question
Zero-rated supplies form part of:
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Question 15 of 20
15. Question
An entity (Al Moosvi Traders) purchases an item of inventory for AED570 (including VAT) and sells the item for AED1500 (excluding VAT). You may assume that Al Moosvi Traders International is a registered VAT vendor.
The input VAT amount that can be claimed back is:
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Correct Answer
Incorrect
Incorrect Answer : The amount of AED570 is inclusive of Value Added Tax, hence it will be reverse calculated.
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Question 16 of 20
16. Question
An entity (Al Moosvi Traders) purchases an item of inventory for AED570 (including VAT) and sells the item for AED1500 (excluding VAT). You may assume that Al Moosvi Traders International is a registered VAT vendor.
The output VAT amount payable would be:
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Question 17 of 20
17. Question
What is the value of the cost of inventory (for Al Moosvi Traders) when purchased and the value of the sale when the item is sold?
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Incorrect Answer : Sales and purchases are recorded net of taxes (value added tax) in the books of accounts.
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Question 18 of 20
18. Question
Zero-rated supplies are no different to exempt supplies.
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Question 19 of 20
19. Question
When preparing the statement of profit or loss, the amounts reflected under both expenses and income will be the consideration paid of the item bought or sold.
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Incorrect Answer: When preparing the statement of profit or loss, the amounts reflected under both expenses and income will be the invoice/ bills value regardless of consideration amount received or not.
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Question 20 of 20
20. Question
All financial records should be kept for a period of
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