VAT Flashcards
0
Q
Leases:
- Installment credit agreement (finance lease) - Rental Agreement (operating lease)
A
- s1
- s9(3)(a) & 9(3)(b)… Timing
- s10(6)… Value
1
Q
Connected Persons
A
- s1
- s9(2)… Timing
- s10(4)… Value
2
Q
Fixed Property
A
VAT Act:
- s1
- s9(3)(d)… Timing
- s16(4)(a)… Only account for tax to extent of payment (invoice basis)
3
Q
Change in Taxable Use
A
Change in use (taxable to non-taxable, vice versa):
- s18(1) or s18(4)
- s18B: Relief for developers renting out buildings
- s9(6)… Timing
- s10(7)… Value
Increase/decrease in % taxable supply:
- s18(2) or s18(5)
- s18(6)
- s10(9)… Value
4
Q
Ceasing to be a vendor
A
- s8(2)… Deemed supply
- s9(5)… Time
- s10(5)… Value
- s22
5
Q
Repossession of Assets & Irrecoverable Debts
A
- s8(10)… Deemed supply
- s9(8)… Time
- s10(16)… Value
- s22
6
Q
Commercial Accomodation
A
- s1
- s10(10)… Value (That rule about 28 days or more)
7
Q
Fringe Benefits to Employees (Deemed Supply)
A
- s18(3)
- s9(7)… Timing
- s10(13)… Value
- Regulations, page 637 (right of use of motor vehicle)
8
Q
Sale of a going concern
A
- s11(1)(e)
- s18A
9
Q
Foreign Electronic Services
A
- s1 under “Enterprise”
- s23(1A)
10
Q
Importation of Goods and Services
A
- Goods: s7(1)(b) and s13
- Services: s7(1)(c) and s14
11
Q
Motor Cars and vehicles
A
- s1
- s17(2): Denial of Input Tax
- s18(9): Conversion to a game-viewing vehicle or hearse
- s8(14)(b) & s18(14A): hearse/game-viewing vehicle is sold… Deemed supply
- s9(10)… Timing
- s10(24)… Value
12
Q
Other General Sections
A
- s7: Levying of VAT
- s8: Deemed Supplies
- s8(14) - (16): NB!
- s9(1): General timing rule
- s10(2) & s10(3): General value rule
- s11: Zero-rated Supplies
- s12: Exempt Supplies
- s15: Accounting Basis
- s20: Invoices
- s23: Registration
- s27: Tax Periods
- s50: Branches
- s54: Agents
