Chapter 3 Flashcards
1
Q
What is a partial exemption?
A
When a business sells both taxable and exempt goods input tax has to be calculated
2
Q
What is blocked input tax?
A
when VAT can be reclaimed due to being used as genuine business expense
3
Q
What is a margin scheme?
A
taxed on profit
4
Q
What is the VAT retail scheme?
A
VAT should be recorded on every sale
