Overview of Value-Added Tax (Grade 10 NSC Matric Accounting): Quizzes
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10 questions from this quiz
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Practise the questions
10 questions from this quiz
When did the Value-Added Tax Act come into effect in South Africa?
When did the Value-Added Tax Act come into effect in South Africa?
30 September 1991
What tax system did VAT replace in South Africa?
What tax system did VAT replace in South Africa?
General Sales Tax (GST)
What is output tax?
What is output tax?
VAT charged on sales to customers
What is input tax?
What is input tax?
VAT paid on purchases from suppliers
What must a business have to claim input tax from SARS?
What must a business have to claim input tax from SARS?
A proper tax invoice
What is the formula for calculating VAT payable or refundable?
What is the formula for calculating VAT payable or refundable?
Output tax - Input tax
Who ultimately bears the burden of VAT?
Who ultimately bears the burden of VAT?
The final consumer
When does a business owe money to SARS?
When does a business owe money to SARS?
When output tax exceeds input tax
Output tax is R50,000 and input tax is R35,000. What is the amount payable?
Output tax is R50,000 and input tax is R35,000. What is the amount payable?
R15,000
Output tax is R20,000 and input tax is R28,000. What is the amount refundable?
Output tax is R20,000 and input tax is R28,000. What is the amount refundable?
R8,000