WorksheetsGrade 10 VAT
Total questions: 15
Worksheet time: 11mins
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
If the Input VAT is more than the Output VAT, the business will have to pay VAT to SARS.
True
False
When purchasing stationery the business will pay
Input VAT
Output VAT
No VAT
We purchased trading stock of R996.67, VAT inclusive, calculate the VAT paid.
R866.37
R120
R130
R30
SARS
South African Reserve Service
South Africa's Revenue Services
South African Receipts Services
South African Revenue Services
You have been provided with the VAT amount and you have to calculate the price inclusive of VAT; the calculation to use is:
Amount x 100/15
Amount x 15/100
Amount x 115/15
Amount x 15/115
