1. Explain the term "value added tax." Name three Caricom countries that raise revenue by imposing a value added tax. 2. Explain the meaning of the following terms using examples; (a) Standard rated supply (b) Zero rated supply (c) Exempt supply 3. What are the responsibilities of a registered GCT taxpayer? 4. For each of the following transactions state the time at which GCT is payable, i.e. the time of supply: (a) Wald makes the first payment on a 50" colour television set at Courts the first down payment is $1. (b) Thirsty fans consumed $500,000 worth of pepsi from the coin operated machines specially set up at the stadium on the day of a friendly match between Jamaica and Brazil. (c) Carl takes delivery of and pays for twenty (20) cases of Lucozade supplied each month under a contract with La Liquid Limited for the supply of 24 cases per year. 5. For each of the following transactions state the value of supply: (a) John gets 25% discount on the purchase of a satellite dish at Dixieland Limited operated by the father of his friend Mary. (b) Overcome with euphoria when Usain Bolt walks into his sporting goods store, the owner presents him with a new sneakers