VAT quiz

VAT is a tax charged on:

• Wealth

• Income

• Profit

• Consumption

A category C vendor has a tax period of:

• 2 months ending on odd months

• 2 months ending on even months

• 1 month ending every month

• 6 months ending on 28 February and 31 August

Bank charges are what type of supply?

• Standard rated

• Zero rated

• Exempt

• Not a supply

Interest charged on a credit card to a local resident is what type of supply?

• Standard rated

• Zero rated

• Exempt

• Not a supply

Interest charged on a loan by Standard Bank to a non-resident (living in Australia) is what type of supply?

• Standard rated

• Zero rated

• Exempt

• Not a supply

Input tax on the purchase of a motorbike by a vendor (making taxable supplies) would be denied:

• True

• False

Input tax on the purchase of a truck (delivery vehicle) by a vendor (making taxable supplies) would be denied:

• True

• False

Input tax on the purchase of a double cab light delivery vehicle (double cab 'bakkie') by a vendor (making taxable supplies) would be denied:

• True

• False

Input tax on the purchase of a taxi (15 seater vehicle) by a business transporting passengers within Pretoria would be denied:

• True

• False

Input tax on the purchase of a ambulance by a vendor (making taxable supplies) would be denied:

• True

• False