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  5. TAX3761 TAXATION OF BUSINESS ACTIVITIES AND INDIVIDUALS (TAX3761)

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Tax3761 Summary notes (exam preparation)

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Tax3761 trusted 100% summary note / exam preparation. summary notes are structured to make studying fun for a learner with bright beautiful colours and pictures.

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  • September 7, 2021
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  • 2021/2022
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Tax3761 Exam Summary notes
Explains each chapter in a simple understandable form.

, 1
TXN203D - summary

Framework for calculation of taxable income :
R
Gross income xxx (gross income general definition & specific
inclusions)
less : exempt income (xx)
Income xxx
less allowable deductions (xx) (general deduction formula, specific deductions
& capital allowances)
Taxable income xxx (from revenue activities)
add Taxable Capital Gain xxx
Taxable income xxx

If given amount including vat 100/114
If want to calc vat owing on amount 14/114

Output vat = vat levied on sold goods
Input vat = vat that can be claimed back from purchase of goods.


Taxable supply



Standard rate supply Zero rated supply Exempt supply




14% 0% no vat




Supplies that are not Supplies listed in Supplies listed in
zero rated or exempt Section 11 of Act Section 12 of Act




Micro business CAN’T register for vat

Vat only claimable if goods purchased for purpose of making taxable supplies. If only part used then
can only claim part of input vat UNLESS 95% or more used for taxable supplies then can claim full
input vat.
Only fringe benefits and indemnity payments in output vat are apportioned.

Vat levied on imported goods :
customs value + 10% + customs duty + import charges x 14% = vat payable

If imported services then must pay vat on portion that is used for exempt supplies NOT if used for
vatable supplies
If vendor has paid vat on imported services then can’t claim it back as input tax – cos it is non-taxable
supply.

Zero-rated supplies

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