Name 2 foreign transaction that are exempt from normal VAT rate.
exports (deliveries of goods transported outside the European Union), intra-community deliveries of goods to business customers by transport to another Member S
Oops!
Check
Okay!
Check
25
What are special VAT regimes and what is their purpose?
Special VAT regimes are specific provisions that apply to certain sectors or economic activities to simplify compliance with tax obligations or to adapt to the
Oops!
Check
Okay!
Check
15
What is the difference between the general tax rate and the reduced tax rate of VAT?
The general tax rate is the standard percentage of VAT applied to most goods and services, while the reduced rate is a lower percentage applied to certain goods
Oops!
Check
Okay!
Check
5
Is VAT a direct or indirect tax?
indirect
Oops!
Check
Okay!
Check
10
What does VAT exemption mean?
VAT exemption means that certain goods or services are exempt from the tax, and therefore, VAT is not applied to them.
Oops!
Check
Okay!
Check
10
What is the standard rate of VAT? (%)
21 %
Oops!
Check
Okay!
Check
15
Is the transportation of passengers by boat from Valencia to Mallorca subject to VAT? Why/ Why not?
Yes, since Valencia and Mallorca are territories where VAT applies.
Oops!
Check
Okay!
Check
10
Which areas of Spain does the VAT apply?
Mainland Spain and the Balearic Islands.
Oops!
Check
Okay!
Check
banana
Go to last place!
Oops!
shark
Other team loses 25 points!
Okay!
gift
Win 15 points!
Okay!
baam
Lose 25 points!
Oops!
banana
Go to last place!
Oops!
gold
Win 50 points!
Okay!
fairy
Take points!
5
10
15
20
25
thief
Give points!
5
10
15
20
25
15
What is the cash principle in relation to VAT?
the cash principle allows taxpayers to declare and pay VAT only when they receive payment for the sale or make payment for purchases, which may differ from the
Oops!
Check
Okay!
Check
lifesaver
Give 5 points!
Oops!
star
Double points!
Okay!
shark
Other team loses 25 points!
Okay!
banana
Go to last place!
Oops!
20
What is a VAT taxpayer ?
A VAT taxpayer is a person or entity that is required to collect and remit VAT to the government, such as businesses and professionals
Oops!
Check
Okay!
Check
20
Name 3 domestic transactions that are exempt from the normal tax rate.
healthcare, educational activities, cultural activities, social activities, social welfare assistance, sporting activities, real estate, financial transactions
Oops!
Check
Okay!
Check
20
What is the accrual principle in relation to VAT?
The accrual principle states that VAT must be declared and paid at the time the transaction occurs, regardless of when the money is received or paid.
