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Summary FRK111 chapter 5
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FRK111 chapter 5 Notes
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FRKCHAPTER 5: VALUE ADDED TAX (VAT)
VAT THEORY AND CALCULATIONS:
Consumption tax, consumer pays
VAT Vendor:
Compulsory registration:
• Taxable supplies
• For the previous or next 12 months
• exceed(ed) R1 000 000 (turnover => R1000000)
Voluntary registration:
• Taxable supplies
• For the previous or next 12 months
• exceed(ed) R50 000 (turnover => R50000)
, Exempt supplies: (no vat)
• Certain financial services.
• Educational services.
• Residential accommodation.
• Public road and rail transport.
• Salaries and wages.
• Childcare services.
Zero rated supplies:
• 19 Basic food items such as Fruit & Vegetables & Brown bread.
• Petrol, diesel and paraffin.
• Exports.
• International transport services.
• Farming inputs.
• Certain grants by government.
• Sales of going concern
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