Value Added Tax Concepts

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Across
  1. 1. VAT on Sales and income and must be paid over to SARS. It is VAT that you pay on all your business expenses and for which you have a tax invoice. It also relate to VAT that is paid on other goods and services bought or rented for the business.
  2. 6. VAT on goods or services.
  3. 8. These items have 0% VAT charged to them. An example would be brown bread.
  4. 9. Tax charged on a person’s wealth when they die.
  5. 10. VAT paid on items purchased and can be claimed back from SARS. It is VAT, which your company would charge on items, which it, sells. Thus a company could wish to sell an item and added to the amount a standard rate tax would be charged.
Down
  1. 2. Income tax on money earned from salary.
  2. 3. Tax charged on the purchase price of land & buildings.
  3. 4. These are goods and services that are, by law, not subjected to VAT.
  4. 5. Tax charged on imported items.
  5. 6. Is a summary of the VAT Input and Output and shows whether the business owes SARS money or whether SARS owes the business money.
  6. 7. Tax charged on items such as alcohol and cigarettes.