1. Provide a brief explanation of why VAT is referred to as an indirect tax.

2. Name the two components that make up VAT, and provide a brief explanation of them.

3. Name and explain the two components that make up taxable supplies. Highlight the differences between them.

4. Explain the difference between the value and the consideration amount of goods bought or sold.

5. VAT input may be prohibited in certain instances. Provide examples of these items.