Learning Unit 3

VAT is an ........... system of taxation

Brown bread is an example of an item that is ............

In South Africa the standard rate of VAT is currently ......

A business with a turnover of ......... per year should register as a vat vendor.

VAT that is claimable on Purchases is known as.......

VAT payable on sales is known as ........

If output vat is greater than input vat. Vat is ............... to SARS

Exclusive vat R1500.

Calculate the vat amount...........

Calculate Inclusive vat........

Vat amount R25

Calculate Inclusive Vat.......

Calculate Exclusive vat.....

Gross profit/Selling price= ............%