When second-hand goods are purchased from a non VAT registered user by a VAT registered user, purely for the purpose of resale, the VAT registered user can include the VAT on the profit margin. That is VAT can be accounted to the difference between the purchase price and selling price. More information on this rule is yet to be received.

Types of goods:
  • Second hand goods
  • Antiques (50+yrs old)
  • Collectors item

Other specific conditions apply with respect to administration and bookkeeping.

Profit Margin Scheme

We, at msi Alnoman and Ravi, are qualified to assist you through every step for your business. Our thorough knowledge in this field is ideal to guide your business, minimizing risk, to benefit your business.

Stay posted to know more about other VAT rules.To find more information on VAT you can visit the following:–

  1. Ministry of Finance
  2. Introduction to VAT
  3. Understanding VAT
  4. What do we need to when VAT comes into effect?
  5. Special VAT rules
  6. Reverse Charge Mechanism
  7. Categories of VAT
  8. Administration of VAT -FTA
  9. Time of supply
  10. What is supply
  11. FTA
  12. Penalties
  13. Challenge The FTA decision
  14. Filing Tax Return
  15. Registration
  16. Tax Audit
  17. VAT Grouping
  18. Zero- rating Transport Services

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