• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
Free ACCA & CIMA online courses from OpenTuition

Free ACCA & CIMA online courses from OpenTuition

Free Notes, Lectures, Tests and Forums for ACCA and CIMA exams

  • ACCA
  • CIMA
  • FIA
  • OBU
  • Books
  • Forums
  • Search
  • Register
  • Login
  • ACCA Forums
  • Ask ACCA Tutor
  • CIMA Forums
  • Ask CIMA Tutor
  • FIA
  • OBU
  • Buy/Sell Books
  • All Forums
  • Latest Topics

Congratulations to Jamil from Pakistan and Jeeva from Malaysia - Global Prize winners!
see all ACCA December 2022 Genius Hunt Competition winners >>

Specially for OpenTuition students: 20% off BPP Books for ACCA & CIMA exams – Get your BPP Discount Code >>

VAT

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › VAT

  • This topic has 1 reply, 2 voices, and was last updated 3 years ago by John Moffat.
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • September 27, 2019 at 6:39 pm #547515
    salardehbashi
    Member
    • Topics: 20
    • Replies: 21
    • ☆

    Hello, I encountered a question today. It goes like this:

    With respect to sales tax which of the following statements is correct?

    A) Sales tax is charged on purchases and sales after trade discounts and before settlement discounts.
    B) Exempt and zero rated supplies have the same tax effect.
    C) Sales tax is charged on purchases and sales after trade discounts and after settlement discounts.
    D) Sales tax is not reclaimable on capital expenditure.

    Correct answer is C !

    However, I couldn’t find an explanation for the answer. I’d appreciate it very much if you could give me an explanation.

    September 28, 2019 at 9:57 am #547533
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 51532
    • ☆☆☆☆☆

    C is stating what the actual tax rule is. The sales tax is always calculated on the invoice amount after subtracting all discounts.

  • Author
    Posts
Viewing 2 posts - 1 through 2 (of 2 total)
  • You must be logged in to reply to this topic.
Log In

Primary Sidebar

ACCA News:

 

ACCA My Exam Performance for non-variant Applied Skills exams is available NOW

NEW! Download the ACCA Pass Guide

FREE Verifiable CPD for ACCA Members

ACCA mock exams and debrief videos

ACCA Options:  “Read the Mind of the Marker” articles

Subscribe to ACCA’s Student Accountant Direct

Donate

If you have benefited from OpenTuition please donate.

ACCA CBE 2023 Exams

Instant Poll * How was your exam, and what was the result?

BT CBE exam was.. | MA CBE exam was..
FA CBE exam was.. | LW CBE exam was..

Specially for OpenTuition students

20% off BPP Books

Get BPP Discount Code

Latest comments

  • SwissCheese on The use of the target cost – ACCA Performance Management (PM)
  • SwissCheese on Target costing – Lecture 1 – ACCA Performance Management (PM)
  • Akhrorov on Time Series Analysis – ACCA Management Accounting (MA)
  • Sokkit on Activity Based Costing part 1 – ACCA Performance Management (PM)
  • Sokkit on Activity Based Costing part 1 – ACCA Performance Management (PM)

Copyright © 2023 · Support · Contact · Advertising · OpenLicense · About · Sitemap · Comments · Log in


We use cookies to show you relevant advertising, find out more: Privacy Policy · Cookie Policy