QUESTION 1 VAT (14 mаrks, 8 minutes) 1.1 Refer tо the аnswer sheet аnd fоllоw the requirements. (6) Information 1.1.1 Tax avoidance A Zero-Rated VAT 1.1.2 VAT on educational services. B Save in a tax-free investment 1.1.3 Income tax C Purchase of Trading Stock 1.1.4 VAT charged on maize meal D VAT exempt 1.1.5 Tax evasion E All employers are required to deduct this tax from their employees on a monthly basis and pay it over to SARS 1.1.6 A packet of Lays chips F Submission of incorrect tax returns G 15% VAT H Income Tax 1.2 Refer to the answer sheet and complete the calculations. (8) Transaction Price excluding VAT VAT Price including VAT Goods purchased for resale purposes * * R138 Sale of goods * R126 * Equipment purchased R8 500 * * [14]