- 10 Marks
PT – Dec 2023 – L2 – Q2a – Value-Added Tax (VAT), Customs, and Excise Duties
Conditions VAT-registered manufacturing companies must meet for VAT relief on imported raw materials.
Question
According to section (38) of the Value Added Tax Act, 2013 (Act 870), the Minister may by legislative instrument make regulations to grant relief from tax on taxable imports of goods or taxable supplies of goods acquired in the country to the persons specified in the Third Schedule.
Required:
State FOUR (4) conditions that must be satisfied by VAT-registered manufacturing companies before they are granted upfront relief of VAT and levies on imported raw materials. (10 marks)
Find Related Questions by Tags, levels, etc.
- Tags: Manufacturing, Raw Materials, Tax law, VAT Act 2013, VAT Relief
- Level: Level 2
- Topic: Value-Added Tax (VAT), Customs, and Excise Duties
- Series: DEC 2023
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