universal statements to earn easy marks

Question 1

Every VAT OUTPUT TAX

As Dizzy is a Vat vendor it has to account for VAT output tax in terms of section 7(1), on its taxable
supplies/ furtherance of its enterprise

eg2 Bob Bouwer(the builder) is required to levy output tax on the full purchase consideration since he is
making a taxable supply.

Answer 1

Since a deduction is claimed under section 11(c), no deduction can be claimed under section 11(a) as a
result of the provisions of section 23B.

Question 2

Another easy mark Vat
always mention time of supply

Answer 2

e.g
S 9(1) requires a vendor to charge output tax on the earlier of:
Invoice date (31/07/2023), or
Receipt of consideration (14/06/2023).

Question 3

So lets’ say yes there was an exchange for asset for shares and no mismatch whatsoever make sure to always say this:

Answer 3

Equity shares in exchange for property
Base cost of the equity shares for CGT purposes will be xxxxx amount therexxx (the market value
of the land and buildings given up in order to acquire the shares)

Question 3

Dizzy may not levy output tax on the issue of shares as it is a financial service.