Tax Trivia

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Tax Trivia

Tax Trivia

#1. The VAT classification of parts imported for assembly of computers is ? Was initially exempt but now taxed under TLAA 2020

Standard rate-16%

Zero rated

Exempt

#2. Which of the following facts is not true about VAT

VAT on credit transactions is payable only when cash is collected

Its is payable on monthly basis

VAT is a multi-stage tax

Excess VAT payment is claimable

#3. Which of the following professionals is not qualified to act as a tax agent?

A former KRA employee

An advocate of the high court

An accountant registered under ICPAK

A Cyber technology expert

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