Post Utme Al Hikmah University 2018 Commerce Question 33

Practice objective / multiple choice question 33 from the 2018 Post Utme Al Hikmah University Commerce examination.

Post Utme Al Hikmah University 2018 Commerce Objective / Multiple Choice
Question 33 POST_UTME_AL-HIKMAH_UNIVERSITY • 2018 • COMMERCE • objective

A sole trader is carrying on a business of selling goods online. What is the tax liability of the sole trader on the profit made from the business?

Answer Options

Correct Answer A. The sole trader is liable to pay income tax on the profit made from the business
B. The sole trader is not liable to pay tax on the profit made from the business
C. The sole trader is liable to pay Value Added Tax (VAT) on the profit made from the business
D. The sole trader is liable to pay Capital Gains Tax (CGT) on the profit made from the business
Correct Answer
A
Correct Option:
The sole trader is liable to pay income tax on the profit made from the business

About This Question

This is Post Utme Al Hikmah University 2018 Commerce Question 33. It is one of the objective questions from the 2018 Post Utme Al Hikmah University Commerce examination.

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