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- Failure to register for VAT.
- Failure to maintain proper records.
- Failure to display the VAT registration certificate.
- Failure to issue a VAT invoices.
- Failure to use the ETR machine to issue invoices.
- Failure to pay VAT due by the following month.
- Failure to avail books and records whenever required to do so by the tax inspectors
- Failure to provide information and access to one‘s business premises whenever asked.
Wilfykil answered the question on February 15, 2019 at 07:27
- 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. Answers (1)
- As a newly appointed Tax Manager of ABC audit firm, advise a client, Mr. Baraza on the following issues:
i) He has submitted a self-assessment return...(Solved)
As a newly appointed Tax Manager of ABC audit firm, advise a client, Mr. Baraza on the following issues:
i) He has submitted a self-assessment return and wishes to know three possible responses he could receive from the commissioner.
ii) Three different types of income on which turnover tax is not applicable
Date posted: February 15, 2019. Answers (1)
- Mauzo Ltd., a company registered for value added tax (VAT) purposes, provided the following details in respect of the month of November 2012:
Determine VAT account...(Solved)
Mauzo Ltd., a company registered for value added tax (VAT) purposes, provided the following details in respect of the month of November 2012:
Determine VAT account for the month of November 2012
Date posted: February 15, 2019. Answers (1)
- 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. Answers (1)
- The following is a cash book summary of Wings Traders for the month of December 2013:
(i) Calculate for Wings Traders, the VAT payable or refundable...(Solved)
The following is a cash book summary of Wings Traders for the month of December 2013:
(i) Calculate for Wings Traders, the VAT payable or refundable for the month of December 2013.
(ii) Comment on the registration status of the business in respect to VAT.
(iii) Advise the management of Wings Traders whether the firm is eligible for turnover tax
Date posted: February 15, 2019. Answers (1)
- 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. Answers (1)
- Outline four ways through which a government could prevent loss of revenue from imports(Solved)
Outline four ways through which a government could prevent loss of revenue from imports
Date posted: February 15, 2019. Answers (1)
- As a tax student, you have been nominated by your institution to make a seminar presentation regarding the various rights conferred to a registered taxpayer...(Solved)
As a tax student, you have been nominated by your institution to make a seminar presentation regarding the various rights conferred to a registered taxpayer under the VAT Act
Summarise eight rights of a registered taxpayer that you would include in your presentation.
Date posted: February 15, 2019. Answers (1)
- The revenue authority of your country has recently launched an online based integrated tax management system whose aim is to make it more convenient for...(Solved)
The revenue authority of your country has recently launched an online based integrated tax management system whose aim is to make it more convenient for firms and individuals to pay tax.
In light of this statement:
(i) Briefly explain how an online based integrated tax management system works.
(ii) List three types of tax returns that are filed under the system.
(iii) Evaluate five benefits that are derived from use of the system over the traditional model of filing tax returns
Date posted: February 15, 2019. Answers (1)
- Assume that you have been requested to make a presentation in a tax seminar, on the measures that should be put in place to curb...(Solved)
Assume that you have been requested to make a presentation in a tax seminar, on the measures that should be put in place to curb the problem of tax evasion in your country
Discuss four measures of overcoming the problem of tax evasion that you would include in your presentation
Date posted: February 15, 2019. Answers (1)
- The following purchases and sales were made by Haraka Enterprises during the month of December 2013:
Determine The total VAT payable or refundable to Haraka Enterprises...(Solved)
The following purchases and sales were made by Haraka Enterprises during the month of December 2013:
Determine The total VAT payable or refundable to Haraka Enterprises for the month of December 2013.
Date posted: February 15, 2019. Answers (1)
- Highlight four circumstances under which the government might revoke the licence of a manufacturer of excisable goods.(Solved)
Highlight four circumstances under which the government might revoke the licence of a manufacturer of excisable goods.
Date posted: February 15, 2019. Answers (1)
- Argue four cases in favor of introduction of capital gains tax (CGT) in most countries(Solved)
Argue four cases in favor of introduction of capital gains tax (CGT) in most countries
Date posted: February 15, 2019. Answers (1)
- Outline four requirements for a valid memorandum of appeal(Solved)
Outline four requirements for a valid memorandum of appeal
Date posted: February 15, 2019. Answers (1)
- Summarize four details that are required to accompany the list submitted to the revenue authority on employees who have received lump sum payment from the...(Solved)
Summarize four details that are required to accompany the list submitted to the revenue authority on employees who have received lump sum payment from the employer.
Date posted: February 15, 2019. Answers (1)
- Explain the following terms in the 'context of customs and excise duty:
(i) Prohibited goods.
(ii) Restricted goods(Solved)
Explain the following terms in the 'context of customs and excise duty:
(i) Prohibited goods.
(ii) Restricted goods
Date posted: February 15, 2019. Answers (1)
- Ujenzi Limited maintained the following assets in its fixed registers as at 31 December 2007
Determine Capital allowances due to Ujenzi limited for the year ended...(Solved)
Ujenzi Limited maintained the following assets in its fixed registers as at 31 December 2007
Determine Capital allowances due to Ujenzi limited for the year ended 31 December 2007
Date posted: February 14, 2019. Answers (1)
- Limo Limited prepares its accounts to 31 December each year. The company‘s trading profit and loss account for the year ended 31 December 2007 is...(Solved)
Limo Limited prepares its accounts to 31 December each year. The company‘s trading profit and loss account for the year ended 31 December 2007 is presented below
Determine:
i) Capital allowances due to Limo Limited for the year ended 31 December 2007
ii) Taxable profit (or loss) of Limo Limited for the year ended 31 December 2007
iii) Tax liability (if any) from the profit (or loss) computed in (ii) above
Date posted: February 14, 2019. Answers (1)
- Mosocho Agroforestry Ltd. has two operating divisions; Agriculture Division and Forestry Division. The following information relates to the capital expenditure incurred by the two divisions...(Solved)
Mosocho Agroforestry Ltd. has two operating divisions; Agriculture Division and Forestry Division. The following information relates to the capital expenditure incurred by the two divisions for the year ended 31 December 2008
Determine for the year ended 31 December 2008:
(a) Capital deduction due to be company.
(b) Adjusted taxable profit for the company
Date posted: February 14, 2019. Answers (1)
- Wote Suppliers Ltd. commenced operations on 1 July 2008 after incurring the following expenditure
Determine Capital allowances due to the company for the years of income...(Solved)
Wote Suppliers Ltd. commenced operations on 1 July 2008 after incurring the following expenditure
Determine Capital allowances due to the company for the years of income ended 31 December 2008 and 2009.
Date posted: February 14, 2019. Answers (1)