Post Utme Unilag 2019 Commerce Question 10

Practice objective / multiple choice question 10 from the 2019 Post Utme Unilag Commerce examination.

Post Utme Unilag 2019 Commerce Objective / Multiple Choice
Question 10 POST_UTME_UNILAG • 2019 • COMMERCE • objective

A sole trader's business is not required to pay Value Added Tax (VAT) if its annual turnover is less than ₦1 million. Which of the following is a correct statement about the VAT liability of a sole trader's business?

Answer Options

A. The sole trader's business must pay VAT regardless of its annual turnover.
Correct Answer B. The sole trader's business is not required to pay VAT if its annual turnover is less than ₦1 million.
C. The sole trader's business must pay VAT if its annual turnover is more than ₦1 million.
D. The sole trader's business is not required to pay VAT if it has fewer than 10 employees.
Correct Answer
B
Correct Option:
The sole trader's business is not required to pay VAT if its annual turnover is less than ₦1 million.

About This Question

This is Post Utme Unilag 2019 Commerce Question 10. It is one of the objective questions from the 2019 Post Utme Unilag Commerce examination.

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