1.  If customers pay VAT to the shopkeeper in addition to selling price, is the VAT a part of profit?

Which is NOT applicable when a purchase from a VAT-registered person is for use both in the VAT and non-VAT business of the purchaser?Select one:a.The VAT component of the amount paid for the purchase may be debited at the time of purchase to the input taxes account.b.The VAT component of the amount paid for the purchase may be debited at the time of purchase to the Purchases account.c.The VAT component of the amount paid for the purchase should be allocated at once and at the time of purchase between the VAT and non-VAT business.d.Must be allocated between the VAT and non-VAT business at the end of the taxable period.

Which one of the following statements regarding Value Added Tax (VAT) is incorrect?Select one:a.VAT is levied at 15% on the supply by a vendor of goods or services in the course or furtherance of any entity carried on by a vendorb.VAT is levied for purposes of generating services for the governmentc.VAT is often referred to as tax on consumption of goods or servicesd.VAT is tax added to the cost of a product or services

Question textWhich one of the following statements regarding Output VAT and Input VAT is correct?Select one:a.Output VAT is required to be paid over to SARS, except if the customer has not yet paid for the goods or servicesb.An input VAT deduction may be claimed for a period of 5 years from the date of receipt of the tax invoicec.Output VAT is defined as the VAT incurred on the supply of goods or services to the vendord.Input VAT is defined as the tax charged in respect of the supply of goods and services by the vendorFeedback

Below is the data of selected accounts of a taxpayer, with VAT and non-VAT business. No inventories were done at the start and end of the taxable period.Purchases, all from VAT suppliers,Exclusive of VAT                                      Php 750, 000Sales, exclusive of any tax:           Exports, VAT business                                    850, 000Exports, non-VAT business                             600, 000Domestic sales, VAT business                          200, 000Domestics sales, non-VAT business                  250, 000How much is VAT payable on domestic sales?Select one:a.Php 0b.Php 27, 000 c.Php 53, 000 d.Php 14, 400

A value-added tax (VAT) is __________ national tax levied on the value added in the production of a good (or service) as it moves through the various stages of production.Group of answer choicesa directan indirectan income taxnone of the options