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TAX3701-26-S1

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Which

section of the Income Tax Act provides for the

general deduction formula?

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A

taxpayer sells trading stock for R50,000. Cost was R20,000. What is the gross

income?

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Which

of the following is an

advantage of turnover tax?

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VAT

in South Africa is classified as which type of tax?

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Which

of the following is an

exempt supply?

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A

supply of basic brown bread is classified as:

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What

is the

standard VAT rate in South Africa as of 1 April 2018?

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Which

of the following

disqualifies a company from using turnover tax?

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A

vendor purchases goods for R11,500 (incl. VAT). What is the input tax?

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How

is tax calculated under the turnover tax system?

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