VAT QUIZ: Retail

1. Prices of items must be displayed:
a. Inclusive of VAT
b. Exclusive of VAT
c. Either inclusive or exclusive of VAT
d. Depends of the value of item
2. If a business is selling a standard rated (5%) item at BHD 100 and gives the customer a 10% discount, VAT should be accounted for on:
a. BHD 90
b. BHD 100
c. BHD 105
d. None of the above are correct
3. Businesses do not need to charge VAT on gifts that are supplied free of charge to customers nor declare output VAT provided that such annual supplies do not exceed BHD 1,000 in total and their market value does not exceed:
a. BHD 50 exclusive of tax, per recipient
b. BHD 50 exclusive of tax, per recipient, during a year
c. BHD 500 exclusive of tax, per recipient
d. BHD 500 exclusive of tax, per recipient, during a year
4. Which of the following statements is correct?
a. VAT registration certificate should be placed in a visible place in the establishment
b. VAT registration certificate should be presented only to NBR officials during inspections
c. VAT registration certificate must be submitted to all suppliers
d. None of the above are correct
5. A charge may sometimes be levied by a business when a customer makes a cancellation of an order or purchase. A cancellation fee is:
a. Standard rated (5%)
b. Exempt
c. Zero-rated
d. Outside the scope of VAT
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