TAX3701
EXAM PACK
, TAX3701
Sept – Nov 2021
UNIVERSITY EXAMINATIONS
September-November 2021
TAX3701
Taxation of Business Activities
100 Marks
Duration 3 Hours
This paper consists of seven (8) pages
IMPORTANT INSTRUCTIONS:
Assumptions:
1. All amounts exclude Value-Added Tax (VAT) unless specifically stated otherwise.
2. The VAT rate changed from 14% to 15% on 1 April 2018.
3. All persons mentioned are residents of the Republic of South Africa unless stated
otherwise.
4. SARS = South African Revenue Service.
The answering of this paper:
1. This paper consists of five (5) questions.
2. All questions must be answered.
3. Each question must be commenced on a new (separate) page.
4. All workings, where applicable, must be shown. Where an amount is subject to a limitation,
clearly indicate the application of the limitation. Where any item is exempt from tax or not
allowable as a deduction, this must specifically be indicated, and a short reason should be
provided. All amounts must be rounded to the nearest Rand.
5. Please complete the cover page of the answer book in full.
6. You are reminded that answers may NOT be written in pencil.
7. Proposed timetable:
(As far as possible, try not to deviate from this timetable):
Question Topic Marks Minutes
1 Company income tax liability 30 54
2 Provisional tax and dividends tax 25 45
3 Value-Added Tax (VAT) 20 36
4 Capital gains tax 20 36
5 General deduction formula 5 9
TOTAL 100 180
-3-
EXAM PACK
, TAX3701
Sept – Nov 2021
UNIVERSITY EXAMINATIONS
September-November 2021
TAX3701
Taxation of Business Activities
100 Marks
Duration 3 Hours
This paper consists of seven (8) pages
IMPORTANT INSTRUCTIONS:
Assumptions:
1. All amounts exclude Value-Added Tax (VAT) unless specifically stated otherwise.
2. The VAT rate changed from 14% to 15% on 1 April 2018.
3. All persons mentioned are residents of the Republic of South Africa unless stated
otherwise.
4. SARS = South African Revenue Service.
The answering of this paper:
1. This paper consists of five (5) questions.
2. All questions must be answered.
3. Each question must be commenced on a new (separate) page.
4. All workings, where applicable, must be shown. Where an amount is subject to a limitation,
clearly indicate the application of the limitation. Where any item is exempt from tax or not
allowable as a deduction, this must specifically be indicated, and a short reason should be
provided. All amounts must be rounded to the nearest Rand.
5. Please complete the cover page of the answer book in full.
6. You are reminded that answers may NOT be written in pencil.
7. Proposed timetable:
(As far as possible, try not to deviate from this timetable):
Question Topic Marks Minutes
1 Company income tax liability 30 54
2 Provisional tax and dividends tax 25 45
3 Value-Added Tax (VAT) 20 36
4 Capital gains tax 20 36
5 General deduction formula 5 9
TOTAL 100 180
-3-
