Banking, Interest, and Taxation (Grade 10 NSC Matric Mathematical Literacy): Flashcards
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VAT rate in South Africa (%)
VAT rate in South Africa (%)
14%
VAT inclusive price meaning
VAT inclusive price meaning
Price that already includes 14% VAT
VAT exclusive price meaning
VAT exclusive price meaning
Price without VAT; 14% must be added
VAT exempt meaning
VAT exempt meaning
Item has no VAT charged at all
VAT exempt basic foods (list 5)
VAT exempt basic foods (list 5)
Milk, bread, fresh fruit & veg, maize meal, tinned pilchards
VAT exempt services (2 types)
VAT exempt services (2 types)
Educational fees, public transport (bus/train/taxi)
Who ultimately pays VAT?
Who ultimately pays VAT?
The final consumer
Formula: Total cost from VAT exclusive amount
Formula: Total cost from VAT exclusive amount
Till slip symbol for VAT exempt items
Till slip symbol for VAT exempt items
Asterisk (*)
Common VAT calculation mistake
Common VAT calculation mistake
Calculating 14% of total bill instead of only VAT inclusive items