Value Added TAx

What does the acronym V. A. T. stand for?

• Value And Tax

• Variety Added Tax

• Value Added Tax

• Value Added To

An institution that collect revenue and ensure compliance with tax law.

• National treasury

• SADC

• South African Revenue Services

VAT is a tax on

• Income

• Company profit

• Property

• Spending

List the VAT vendor requirements in South Africa

What kind of tax is VAT?

• Depends upon the types of goods and services

• Direct tax

• Indirect tax

• None of the above

A person who is or is required to be registered under VAT Act

• VAT input

• VAT reference

• VAT Vendor

Differentiate between Input Vat and Output

List five basic food items

It is imposed in every step in the production and distribution chain.

• Sales taxes

• Income taxes

• Value added taxes

• corporate taxes

It is a tax on the purchase of a good or service

• Income tax

• Value added tax

• inheritance tax