Tax Trivia

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Tax Trivia

Tax Trivia

#1. TOT does not apply to the following except

Rental Income

Management, Professional and Training Fees

Any income that is subject to a final withholding tax under the Income Tax Act

Amounts that are subject to Value added Tax (VAT)

#2. The VAT classification of unprocessed milk is ? Exempt (first schedule-21)

Standard rate-16%

Zero rated

Exempt

#3. Taxes

Are mandatory payments

Are necessary for financing government expenditures

Do not relate directly to the benefit of government goods and services received

Are all of the above

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Taxdon discusses various aspects of rental income, including its scope, exceptions, due dates, filing returns, and tax payments. It aims to provide comprehensive information on rental income taxes to readers.

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