VAT QUIZZ ANSWERS

VAT LPAM 2022

Question 1 of 10 2 Points

A firm can register for Vat voluntarily if the turnover is R50 000 or more

A. True

B. False



Question 2 of 10 2 Points

Legal fees are categorised as:

A. Zero-rated supplies / services

B. Standard rated services / supplies



Question 3 of 10 2 Points

Value added tax is a tax charged on a profit made by a business.

A. False

B. True



Question 4 of 10 2 Points

A natural person can account for vat on a payment basis when the turnover does not exceed:

A. R1 million

B. R2.5 million



Question 4 of 10 2 Points

A natural person can account for vat on a payment basis when the turnover does not exceed:

A. R1 million

B. R2.5 million




Question 5 of 10 2 Points

Vat payable or refundable is calculated using the following formula

A. Vat output less Vat input

B. Vat output less vat input less vat rebate