Exam (elaborations)
TAX3701 ASSIGNMENT 1 SOLUTIONS SEMESTER 2 2023.PASS GUARANTEED.
- Institution
- University Of South Africa (Unisa)
TAX3701 ASSIGNMENT 1 SOLUTIONS SEMESTER 2 2023.PASS GUARANTEED.
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MELDUE DATE 25 AUGUST 2023
, UNISA 2023 TAX3701-23-S2 Welcome to TAX3701 Assessment 1
QUIZ
Question 1
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Siyavuya (Pty) Ltd is a South African resident company that provides
electronic gadgets repair services. The company is registered as a category B
vendor on the invoice basis for Value-Added Tax (VAT) purposes.
The company provides its employees with free lunch meals on a daily basis.
The total value of meals provided during January and February 2023 amounts
to R8 900 (excluding VAT).
The input tax on the value of the free lunch meals provided to
employees during the two months period ended 28 February 2023
amounts to:
a. R1 335
b. Rnil - denied supply
c. Rnil - exempt supply
d. Rnil - zero rated supply
Clear my choice
, UNISA 2023 TAX3701-23-S2 Welcome to TAX3701
Assessment 1
QUIZ
Question 2
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Turnover tax may be calculated on the following amounts:
a. Gross dividends received by virtue of shares held in another company
b. Proceeds received from suppliers in respect of returned goods
c. South African receipts that are revenue in nature
d. Half of the profts made from the disposal of fxed assets
Clear my choice
, UNISA 2023 TAX3701-23-S2 Welcome to TAX3701
Assessment 1
QUIZ
Question 3
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Just-in-time (Pty) Ltd (‘JIT’) is a South African resident company that operates in the manufacturing industry. The company
produces luxurious ofce desks for distribution to clients in and around South Africa. JIT is registered as a category B vendor
for Value-Added Tax (VAT) purposes and is making 75% taxable supplies.
All amounts exclude VAT unless stated otherwise.
The following information relates to JIT’s transactions for the two-months period ended 30 April 2023:
On 20 March 2023, JIT imported 15 improved quality ofce desks from a renowned supplier situated in Germany. The cost
price of the ofce desks was R10 800 per ofce desk and the value for customs duty purposes was R10 500 per ofce desk.
Non-refundable import surcharges of R1 250 were charged on the transaction. The date refected on the Customs Billing of
Entry is 8 April 2023.
The VAT payable/refundable to JIT for the two-months period ended 30 April 2023 is:
a. R22 761 payable
b. R26 174 refundable
c. R23 813 refundable
d. R26 850 payable
Clear my choice
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