Tax Trivia

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Tax Trivia

Tax Trivia

#1. The VAT classification of unprocessed milk is ? Exempt (first schedule-21)

Standard rate-16%

Zero rated

Exempt

#2. Taxes

Are mandatory payments

Are necessary for financing government expenditures

Do not relate directly to the benefit of government goods and services received

Are all of the above

#3. Tax shifting is

Removing unproductive taxes replacing them with new ones

Relocating from high to low tax regimes

Transferring tax burden from one person to another through transactions

Deferring tax payment by rescheduling transactions

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