VAT Quiz: Financial Services

1. What is VAT treatment of margin-based products (e.g. VAT treatment of interest on a consumer loan)?
a. Standard rated (5%)
Exempt
c. Zero-rated
d. Outside the scope of VAT
2. What is VAT treatment of services which are typically remunerated by way of a fee (e.g. flat fee or a percentage of the underlying amount)?
a. Standard rated (5%)
b. Exempt
c. Zero-rated
d. Outside the scope of VAT
3. What is VAT treatment of the provision of life insurance and life reinsurance services as well as the transfer of such contracts?
a. Standard rated (5%)
b. Exempt
c. Zero-rated
d. Outside the scope of VAT
4. What is VAT treatment of the transfer of ownership of an equity security or debt security?
a. Standard rated (5%)
b. Exempt
c. Zero-rated
d. Outside the scope of VAT
5. Which of the following is taxable at the standard rate?
a. Interest charged on a mortgage instalment plan
b. Life insurance policy
c. Interest charged on a consumer loan
a. Car insurance policy
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