Question 2 [14] VALUE-ADDED TAX (VAT) 2.1. Choose the correct word/amount/percentage in order to complete the sentences below. Write down only the correct word and not the complete sentence. R500 000 1 R1 000 000 output zero-rated indirect SARS exempt direct standard-rated 15% input 0% 2.1.1. VAT is alan system of taxation. 2.1.2. In South Africa the standard rate of VAT is currently 2.1.3. VAT payable on sales is known as VAT 2.1.4. Brown bread is an example of an item that is 2.1.5. Items on which VAT is currently not charged are known as items. 2.1.6. VAT that is claimable on purchases is known as VAT 2.1.7. A business with a turnover or sales of or more per year should register as a VAT vendor. EEEE (1) (1) 2.1.8. VAT is payable to 2.2. Calculate the missing amounts by using the amounts provided in the table. VAT exclusive VAT inclusive R439.45 VAT amount 2.2.1. 2.2.4. 2.2.2. 2.2.3. R9 003.15 2.2.5. R22.50 2.2.6. Question 2 [14] 2.1.1 2.1.2 2.1.3 2.1.4 2.1.5 2.1.6 2.1.7 2.1.8 2.2.1 2.2.2 2.2.3 2.2.4 2.2.5 2.2.6 (6)