Which of the following statements is NOT correct? i. If a registered taxpayer buys exempt items, there he can reclaim VAT. ii. If a registered taxpayer buys zero-rated supplies, he can reclaim VAT. iii. The rate of VAT for Exempt supplies and Zero-rated supplies is 0%. iv. Zero-rated goods or services are taxable for VAT at 0%.
Which of the following statements is NOT correct? i. If a registered taxpayer buys exempt items, there he can reclaim VAT. ii. If a registered taxpayer buys zero-rated supplies, he can reclaim VAT. iii. The rate of VAT for Exempt supplies and Zero-rated supplies is 0%. iv. Zero-rated goods or services are taxable for VAT at 0%.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Which of the following statements is NOT correct?
i. If a registered taxpayer buys exempt items, there he can reclaim VAT.
ii. If a registered taxpayer buys zero-rated supplies, he can reclaim VAT.
iii. The rate of VAT for Exempt supplies and Zero-rated supplies is 0%.
iv. Zero-rated goods or services are taxable for VAT at 0%.
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