Good day, I had posted this, but I didn't understand where some of the calculated answers came
from... more clarification would be better appreciated, thank you. The F \& G products (Pty) Ltd,
which supplies goods to mining industry and which was Question 1 registered for value added
tax (VAT), for the tax period ended 25 April 2020 are as follows. Please note that all the
amounts exclude VAT where relevant:
1. The profit on the sale of the single cab bakkie was calculated as follows: 2. Commission
received is in respect of the sale of life insurance policies. 3. The impaired trade receivable
recovered is a partial recovery of a debt written off in July 2018. An input credit has not yet been
claimed by F \& G products (Pty) Ltd. 4. Technical fees were received from a non-resident. In
respect of F \& G Pty Ltd for the tax period ended 25 April 2020 (a). Calculate the VAT payable
or refundable. (14 marks) (Note: Your answer should split supplies and inputs between standard
rated, zero-rated, exempt and non-taxable). (b). If the company's VAT return and payment are
submitted after 25 April 2020, state the amount of the penalty for the: (1). Late return and (2).
Late payment ( 6 marks).
Good day, I had posted this, but I didnt understand where som.pdf
1. Good day, I had posted this, but I didn't understand where some of the calculated answers came
from... more clarification would be better appreciated, thank you. The F & G products (Pty) Ltd,
which supplies goods to mining industry and which was Question 1 registered for value added
tax (VAT), for the tax period ended 25 April 2020 are as follows. Please note that all the
amounts exclude VAT where relevant:
1. The profit on the sale of the single cab bakkie was calculated as follows: 2. Commission
received is in respect of the sale of life insurance policies. 3. The impaired trade receivable
recovered is a partial recovery of a debt written off in July 2018. An input credit has not yet been
claimed by F & G products (Pty) Ltd. 4. Technical fees were received from a non-resident. In
respect of F & G Pty Ltd for the tax period ended 25 April 2020 (a). Calculate the VAT payable
or refundable. (14 marks) (Note: Your answer should split supplies and inputs between standard
rated, zero-rated, exempt and non-taxable). (b). If the company's VAT return and payment are
submitted after 25 April 2020, state the amount of the penalty for the: (1). Late return and (2).
Late payment ( 6 marks)
