Thursday, 12 May 2016

Cima F1 Exam Question No 51

Question No 51:

ABC is registered for tax in Country X.
ABC purchases goods and services from suppliers, including VAT at standard rate and sells goods to customers, including VAT at standard rate.
The formal incidence of the VAT is on:

A.
ABC’s customers
B.
ABC’s suppliers
C.
ABC
D.
Country X’s tax authority

Answer: C

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