Which of the following statements are NOT correct? i. A registered taxpayer can claim input tax credit for items used for its exempt activities.  ii. A registered taxpayer can claim input tax credit for items used for zero-rated  activities.   iii. The VAT rate Exempt supplies  is 0%. iv. Zero-rated goods or services are taxable for VAT at 0%. Question 6Answer a. i, ii and iv b. i, and iii c. i only d. None of the above

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Which of the following statements are NOT correct?

i. A registered taxpayer can claim input tax credit for items used for its exempt activities. 

ii. A registered taxpayer can claim input tax credit for items used for zero-rated  activities.  

iii. The VAT rate Exempt supplies  is 0%.

iv. Zero-rated goods or services are taxable for VAT at 0%.

Question 6Answer

a.

i, ii and iv

b.

i, and iii

c.

i only

d.

None of the above

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