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Value Added Tax

What is output tax? Tax levied on the delivery of goods and services by a business.
What is input tax? Tax on the delivery and goods and services to the business or imports made by the business.
What are the two types of deliveries on VAT rate? 1. Taxable delivery at a standard rate (14%) or o% (zero rate delivery). 2. Exempted rate delivery.
Give examples of zero-rate delivery products? 1. Fuel and Oil 2. Brown Bread 3. Graded maize meal for human consumption 4. Goods used for agriculture. 5. Transport of passengers on international flights.
What are examples of exempted deliveries? 1. The delivery of financial services 2. The delivery of housing in a house. 3. The transport of passengers by road or rail. 4. The delivery of educational services. 5. Trade Union member contributions.
How often must VAT returns be handed in? Every 2nd month.
Which Government body regulates and collects VAT? South African Revenue Services (SARS)
To what ledger accounts is VAT entered into? 1. VAT input (purchases) 2. VAT output (sales)
When the difference between the debit and credit balance of VAT control is a credit, what happens to the difference? The difference is payable to SARS (current liability)
When the difference between the debit and credit balance of VAT control is a debit, what happens to the difference? The difference is refundable by SARS (current asset).
What are the two accounting bases that are allowed for the calculation of VAT liability? 1. Invoice basis 2. Payment basis
According to the invoice basis, tax is accounted for at the: 1. issuing of the invoice 2. receipt of the payment, whichever happens first.
According the payment basis , tax is accounted for when: 1. payments are made (purchases) 2. payments received (sales)