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TAX 3701 ASSIGNMENT 1

Johns Hopkins University

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TAX 3701 ASSIGNMENT 1

  • Exam (elaborations)

    TAX 3701 ASSIGNMENT 1

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    14
    September 2021
    2021/2022
    A+
  • QUESTION 1 What is the output VAT on the income from transporting goods? (1) R63 375 (2) R84 783 (3) R97 500 (4) Rnil R650 000 × 15/115 = R84 783 3 QUESTION 2 What is the output VAT on the income from transporting passengers? (1) R28 614 (2) R30 391 (3) Rnil – exempt supply (4) Rnil – zero-rated supply  Note that the supply of public transport by road or rail is exempt from VAT if the transportation o takes place between two places within the RSA o is of fare-paying pass...
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