$1.$ The VAT registration threshold for compulsory registration is:

A$.$ N$$50,000$

B$.$ N$$200,000$

C$.$ N$$250,000$

D$.$ N$$500000$

$2.$ VAT late payment penalty is calculated as:

A$.20\%$ per annum on the VAT due, limited to $100\%$ of the VAT due

B$.20\%$ per month on the VAT due, limited to $100\%$ of the VAT due

C$.10\%$ per annum on the VAT due, limited to $100\%$ of the VAT due

D$.10\%$ per month on the VAT due, limited to $100\%$ of the VAT due

$3.$ Definition of a person includes the estate of a deceased person

A$.$ TRUE

B$.$ FALSE

$4.$ What is Input Tax?

A$.$ VAT payable to Inland Revenue

B$.$ VAT claimable from Inland Revenue

C$.$ Tax paid on the purchase of goods and services

D$.($B$)$ and $($C$)$ above

$5.$ What are non$-$supplies for VAT purposes:

A$.$ Sale of shares

B$.$ Transactions between branches$/$ departments

C$.$ Supply of money

D$.$ All of the above

$6.$ Output tax should be declared in the tax period during which:

A$.$ An invoice is issued

B$.$ A tax invoice is issued

C$.$ A payment is received or

D$.$ Earlier of an invoice issued or payment received