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In the exam for the sales tax topic, will the rates always be given? If not given then what are the current rates to be used?
Hi,
To answer your question, may I quote from Kaplan’s study text(Feb 2014 – Aug 2015)! It says:
” Sales tax is charged at a variety of rates around the world. It is also subject to different rates for different products within national boundaries. To reflect this ACCA will examine a variety of rates in the F3 exam. The rate will always be given to you in the question.
Commonly examinable rates include 20% (the current standard rate in the UK), 17.5% (the previous standard rate in the UK), 15% and 10%.”So in short, “yes, the rate will always be given.”
PS. I know you meant to ask a tutor. I was on this forum and happen to see your post, that’s why I replied. I hope the tutor confirms my answer.
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