Grade 10 VAT

What is the current standard VAT rate in South Africa today?

• 28%

• 14%

• 15%

Who will be liable for the full amount of VAT?

• Consumer

• Business

• Government

• Producer

Which item will not be regarded as a Zero rated item.

• Bread

• Fruit and Vegitables

• Milk and milk products

• Meat

Which of the following will be seen as a standard VAT rate item?

• Data

• School fees

• Petrol

• Cooking oil

When will a business be compelled to register as a VAT vendor.

• When turnover is more than 1 million rand

• When sales is less than 1 million rand

• When the business makes a turnover of more than 50 000

• All of the above

When will a business register as a voluntary VAT vendor?

• When turnover is more than 1 million rand

• When sales is less than 1 million rand but more than R50 000.

• When the business makes a turnover of more than 50 000

• All of the above

Which item from the list will be exempt of VAT?

• Bread

• School fees

• Sanitary towls

• Electricity

VAT will be regarded as a direct tax.

• True

• False

VAT evasion is a legal form of bypassing VAT when you only buy zero rated goods.

• True

• False

When will a business not be allowed to register as a VAT Vendor?

• When turnover is more than 1 million rand

• When sales is less than 1 million rand

• When the business makes a turnover of less than 50 000

• All of the above