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Section 24 (a) of the Value Added Tax (VAT) Act (Cap.476) requires certain documents to be attached to a claim for refund of VAT.
Briefly explain...
(Solved)
Section 24 (a) of the Value Added Tax (VAT) Act (Cap.476) requires certain documents to be attached to a claim for refund of VAT.
Briefly explain four of these documents.
Date posted:
February 15, 2019
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Answers (1)
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Describe three types of tax assessments that may originate from the Commissioner for Domestic Taxes.
(Solved)
Describe three types of tax assessments that may originate from the Commissioner for Domestic Taxes.
Date posted:
February 15, 2019
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Answers (1)
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Explain four positive roles of excise duties in an economy.
(Solved)
Explain four positive roles of excise duties in an economy.
Date posted:
February 15, 2019
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Answers (1)
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List three ways through which the revenue authority may enforce the collection of overdue tax.
(Solved)
List three ways through which the revenue authority may enforce the collection of overdue tax.
Date posted:
February 15, 2019
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Answers (1)
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Outline four categories of goods which could be forfeited to the customs authority of your country upon their importation.
(Solved)
Outline four categories of goods which could be forfeited to the customs authority of your country upon their importation.
Date posted:
February 15, 2019
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Answers (1)
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Section 185(1) of the East Africa Customs Management Act (2004) provides that "Goods that are re-imported shall be entitled to re-entry free of import duties...
(Solved)
Section 185(1) of the East Africa Customs Management Act (2004) provides that "Goods that are re-imported shall be entitled to re-entry free of import duties and to a refund of duties paid on exportation
Outline three conditions to be fulfilled before the refund of duties can be provided under the East Africa Customs Management Act (2004).
Date posted:
February 15, 2019
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Answers (1)
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The following transactions relate to Jakayo Traders for the month of December 2010:
Determine:
(i) VAT payable by (or refundable to) Jakayo Traders for the month of...
(Solved)
The following transactions relate to Jakayo Traders for the month of December 2010:
Determine:
(i) VAT payable by (or refundable to) Jakayo Traders for the month of December 2010.
(ii) Comment on any information not used in your computation under (i) above.
Date posted:
February 15, 2019
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Answers (1)
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Discuss three challenges associated with the harmonization of taxation policies across regions and trading blocks
(Solved)
Discuss three challenges associated with the harmonization of taxation policies across regions and trading blocks
Date posted:
February 15, 2019
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Answers (1)
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Were and Otieno are in partnership trading as Woti Enterprises. They share profits and losses in the ratio of 2:3 respectively. The partnership's statement of...
(Solved)
Were and Otieno are in partnership trading as Woti Enterprises. They share profits and losses in the ratio of 2:3 respectively. The partnership's statement of comprehensive income for the year ended 31 December 2010 is as shown below
Prepare:
(i) A statement of adjusted taxable profit or loss for the partnership business for the year ended 31 December 2010
(ii) A schedule showing total taxable income for each partner for the year ended 31 December 2010
Date posted:
February 15, 2019
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Answers (1)
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With reference to the East African Community Customs Management Act or other relevant legislation applicable in your country, highlight four functions of the directorate of...
(Solved)
With reference to the East African Community Customs Management Act or other relevant legislation applicable in your country, highlight four functions of the directorate of customs
Date posted:
February 15, 2019
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Answers (1)
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Briefly explain four circumstances under which a taxpayer might be exempted from paying installment tax.
(Solved)
Briefly explain four circumstances under which a taxpayer might be exempted from paying installment tax.
Date posted:
February 15, 2019
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Answers (1)
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Outline four categories of goods which are subject to customs control under the Customs and excise Act.
(Solved)
Outline four categories of goods which are subject to customs control under the Customs and excise Act.
Date posted:
February 15, 2019
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Answers (1)
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Identify four documents required in support of an application for refund of value added tax (VAT) paid in respect of bad debts
(Solved)
Identify four documents required in support of an application for refund of value added tax (VAT) paid in respect of bad debts
Date posted:
February 15, 2019
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Answers (1)
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Highlight five circumstances under which customs duty paid might be refunded
(Solved)
Highlight five circumstances under which customs duty paid might be refunded
Date posted:
February 15, 2019
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Answers (1)
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Outline six contents of a notice of assessment.
(Solved)
Outline six contents of a notice of assessment.
Date posted:
February 15, 2019
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Answers (1)
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Beta Supermarket Ltd. is registered for VAT. During the month of January 2013, the supermarket had the following transactions
Determine A value added tax (VAT) account...
(Solved)
Beta Supermarket Ltd. is registered for VAT. During the month of January 2013, the supermarket had the following transactions
January
1 Sold goods on credit to Mwamba Enterprises for Sh. 400,000.
2 Purchased goods on credit from Hekima Traders for Sh. 200,000
2 Paid for catering expenses Sh. 68,000 by cash
3 Mwamba Enterprises returned goods valued at Sh.60, 000, and received a credit note.
4 Exported goods to Uzalendo Ltd., a company based in Rwanda for Sh. 300,000
5 Purchased stationery for Sh. 84,000 on credit from Smart Books Bookshop.
9 Purchased goods for Shs 800,000 from Uchumi Enterprises on credit
12 Imported goods from Canada for Sh. 900,000 exclusive of import duty of 25% and value added tax at 16%.
16 Received a debit note of Sh. 48,000 from Uchumi Enterprises
17 Paid electricity bills amounting to Sh. 24,000 by cheque
20 Engaged an auditor and paid him Sh. 60,000 for auditing the supermarket‘s inventory.
21 Sold goods worth Sh. l,400,000 to the Ministry of Youth and Sports
24 Bought spare .parts for repair of motor vehicles for Sh. 120,000
25 Sold goods on credit to Jawabu Enterprises for Sh. 800,000
30 Made cash sales of Sh. 200,000 and banked the cash on the same day
The above transactions are stated inclusive of VAT at the rate of 16% where applicable and unless otherwise stated
Determine A value added tax (VAT) account for the month of January 2013
Date posted:
February 15, 2019
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Answers (1)
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Outline four offences under the value added tax (VAT) Act
(Solved)
Outline four offences under the value added tax (VAT) Act
Date posted:
February 15, 2019
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Answers (1)
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The VAT Act requires a registered person to notify the commissioner' within 14 days of changes in certain particulars of a business.
Suggest six such changes...
(Solved)
The VAT Act requires a registered person to notify the commissioner' within 14 days of changes in certain particulars of a business.
Suggest six such changes whose details need to be notified to the commissioner
Date posted:
February 15, 2019
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Answers (1)
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Evaluate four measures under Customs and Excise Act that are designed to prevent dumping in your country
(Solved)
Evaluate four measures under Customs and Excise Act that are designed to prevent dumping in your country
Date posted:
February 15, 2019
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Answers (1)
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Explain three benefits that could be derived from changing zero rated supplies to exempt supplies in your country
(Solved)
Explain three benefits that could be derived from changing zero rated supplies to exempt supplies in your country
Date posted:
February 15, 2019
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Answers (1)