VAT

Introduction

Define the VAT in the businesses or company and explain more what should learners expect in the VAT chapter.

 

Task

List three other forms of taxes levies in South Africa

what is the current rate of VAT in South Africa?

Which ministry of the Government has the authority to adjust the rate of VAT?

Briefly explain the following concepts in respect of VAT

  • Standard rated items
  • Zero rated items
  • VAT exempted items

Explain the following VAT related concepts:

  • Output VAT
  • Input VAT

     

Process

In South Africa the are taxes levied for an example paye as you earn, divinded tax

Everytime as South African we buy something VAT is included or excluded and the is a specific rate that must be used.

The is only one Minister who supposed to adjust anything in terms of money or expenditure in the country.

Standard rate are symbol with no star but zero rated are symbol with star in the cash slip.

Input VAT and Output VAT can be seen when someone is buying product or selling a product.

 

Learners can also use the link below to get more understanding or explaination.

ACCOUNTING Gr 10 T2 W3: VAT lesson solutions | WCED ePortal  

 

Evaluation

Rubric

Taxes levies                                                                              (1)

Current rate                                                                               (1)

Minister to adjust VAT                                                               (1)

Differentiate the concepts of VAT                                              (6)

Explain Input and Output VAT calculation must showned        (10)

Neart work                                                                                 (1)

Total                                                                                          20

Conclusion

Learners do your homework accounting without practice you will never cope.

Push yourself to participate with whatever we give you as teachers.

Read and understand instructions before answering the question.

Go to youtube if you want to understand more something that is not clear to you.

Your books must be your friend bind yourself with your books.

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