Key Concepts (Grade 12 NSC Matric Accounting): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
ShowHide
Practise the questions
10 questions from this quiz
What is the current standard VAT rate in South Africa?
What is the current standard VAT rate in South Africa?
14%
At what annual turnover must a business register for VAT compulsorily?
At what annual turnover must a business register for VAT compulsorily?
Over R1-million
What is VAT input?
What is VAT input?
VAT paid on business purchases
What is VAT output?
What is VAT output?
VAT collected from customers
Which item is zero-rated for VAT purposes?
Which item is zero-rated for VAT purposes?
Brown bread
Which service is VAT-exempt?
Which service is VAT-exempt?
Educational services
Who ultimately pays VAT on goods and services?
Who ultimately pays VAT on goods and services?
Consumers
What is the primary benefit of VAT vendor registration?
What is the primary benefit of VAT vendor registration?
Reclaim VAT on business purchases
If equipment costs R11,400 (incl. VAT), how much VAT can be claimed back?
If equipment costs R11,400 (incl. VAT), how much VAT can be claimed back?
R1,400
What role does a VAT-registered business play?
What role does a VAT-registered business play?
Tax collector for government