ICAB Certificate Level (7th

Batch) _VAT (Exam-01)



1. VAT is a tax on final consumption which is collected a every stage of

production and distribution rather than at the retail stage alone.

True

False

2. When introduce the VAT concept ?

1919

1819

1920

1820

3. In Bangladesh which Financial Year has introduced the VAT system?

FY 1990-1991

FY 1991-1992
4. What is the existing VAT act name in Bangladesh?

The Value Added Tax Act, 1991

The Value Added Tax Act, 2012

The Value Added Tax and Supplementary Duty Act, 2012

The Value Added Tax, Supplementary & Regularity Duty Act, 2012

5. What is Tax as per new VAT Act

Value Added Tax (VAT)

VAT & Turnover Tax

VAT, Turnover Tax & SD

VAT, Turnover Tax, SD & Interest & Fine of arrear collection

6. When both the impact and incidence of tax fall on different person or
entity, it is called direct tax.

True

False

7. Example of Direct Tax

Corporate Tax

Excise Duty

Travel Tax

Wealth Tax

VAT
 8. Example of Indirect Tax

Corporate Tax

Excise Duty

Travel Tax

Wealth Tax

VAT

9. How many sections exists in new VAT act 2012 ?

136

137

138

139

10. According to S 2 (5), which following instruments are considered as a

Money?

Negotiable instrument

Promissory note

Credit card or debit card

All above
11. Which Schedule mention the Goods & Service with reduced or specific
VAT rate?

First Schedule

Second Schedule

Third Schedule

12. Your last online class have created any benefit for you or fulfill your
exaptation? Give honest opinion .

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ICAB Certificate Level (7th
Batch) _VAT (Exam-02)

* Required

1. Person who is not required for vat registration?

Who's yearly turnover BDT 1 to 4.999 million.

Who's yearly turnover BDT 5 million to 29.999 million.

Who's yearly turnover BDT 30 million & above.

2. Which statement is correct?

When an entity operates economic activities by supplying same type of

product from different place but keep the records centrally then they will not
be required to obtain central registration.

When an entity operates economic activities by supplying different type of

product from different place then have to obtain registration for every place.

Above 1st and 2nd both options are correct

Above 1st and 2nd both options are wrong.

3. How many year need to keep VAT invoice under the VAT Act?

Minimum 5 years

Minimum 6 years

Minimum 12 years
4. Which VAT Form is required for cancel the VAT Registration ?

Moshuk 2.1

Moshuk 2.2

Moshuk 2.3

Moshuk 2.4

5. Which one is correct ?

C&F value=Cost of the goods + Freight Charges

CIF Value= Cost of the goods + Insurance+ Freight Charges

FOB Value=Cost of the goods+ Insurance

All Above

6. Which formula should use for calculation of VAT @ import stages?

VAT= (Assessable Value + CD + RD ) X rate of SD;

VAT= (Assessable Value + CD + RD ) X rate of VAT;

VAT= (Assessable Value + CD + SD + RD) X rate of VAT

VAT= (Assessable Value + CD + SD + RD+ATV) X rate of VAT

7. How to calculate the Assessable Value at import stages

C&F Value + Insurance + landing charges 1%

FOB value + Insurance + Freight + landing charges 1%

CIF Value + landing charges 1%; or

 8. Other than producer what is the AT (Advance Trade Vat) rate of one
importer ?

4%

5%

10%

15%

9. Regarding Supplementary Duty which is one is wrong ?

Supplementary duty is an input tax;

Supplementary duty is in addition of VAT;

Supplementary duty is applicable for luxury products;

Supplementary duty is not applicable for essential and socially desirable goods
and services.

10. Give honest opinion regarding TODAY over all class - Synopsis,
presentation, question/answer and your expectation. *

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ICAB Certificate Level (7th
Batch) _VAT (Exam-03)

* Required

1. When a person can take the input tax credit?

When value of a taxable supply exceeds Taka 1,00,000 and this payment made
other than by banking channel;

When inputs have been purchased or collected through invoices of bill of entry
or within four succeeding tax periods;

When any goods or services has been entered into the Purchases Register
prescribed by Rules

When Input tax paid for the manufacturing of exempted goods and rendering
of exempted services

2. Which products and services shall not be treated as Input?

Purchase of Raw Materials from local market;

Fuel and electricity purchases of production or manufacturing purposes;

Architectural plan, design and Interior design,

Vehicle rental and lease

3. When you can give the Increasing Adjustment?

 If any payment not pay through banking channel;

VAT deducted from supplier’s payment;

Vat paid for exportable goods;

Vat deducted by customers;

4. When you can give the Decreasing Adjustment?

If any payment not pay through banking channel;

Vat deducted by customers;

Vat paid for exportable goods;

VAT deducted from supplier’s payment

5. An Enlisted person which “Mushak Form” shall use for VAT Return?

Mushak 9.1;

Mushak 9.2;

Mushak 9.3;

Mushak 9.4;

6. For submission of delay return when a person may file the application to
the Commissioner?

Within minimum 7 (seven) days before the end of the said tax period;

Within minimum 7 (seven) days after the end of the said tax period;

Within minimum 7 (seven) days before the end of the return submission date;

Within minimum 7 (seven) days after the end of the return submission date;
 7. According to Mushak -9.1 how many part available and need to fill-up in
one VAT Return?

10

11

8. Which Formula is correct ?

(Input tax + decreasing adjustment) < (Output tax +SD+ increasing

adjustment) = Refund;

(Input tax + Increasing adjustment) > (Output tax +SD+ Decreasing

adjustment) = Refund;

(Output tax +SD+ increasing adjustment) > (Input tax + decreasing

adjustment) = Refund;

(Input tax + decreasing adjustment) > (Output tax +SD+ increasing

adjustment) = Refund;

9. When a foreign tourist cannot get refund of the VAT paid against his
purchase of taxable goods?

Export prohibited goods;

Fire-arms, explosive items and any other similar goods;

10. Give honest opinion regarding over all class - Synopsis, presentation,
question/answer and your expectation. *

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ICAB Certificate Level (7th
Batch) _VAT (Exam-04)


1. Who are the VAT withholding authority?

Autonomous bodies

Proprietorship firm

Public University

NGOs

2. When VAT should be deducted at sources?

When supplier paid the vat @ 15% rate and provide the tax invoice 6.3;

When supplier paid vat @ reduce rate and proved tax invoice 6.3;

Payment of fuel, gas, water, telephone, mobile service bill;

3. If deducting authority not deposit the deducted money to Govt fund,

then he will be penalize of Tk

BDT 10,000

BDT 25,000

BDT 50,000

BDT 100,000
4. If deducting authority not detected the respective vat, then he will be
liable to pay

2% interest

5% yearly interest

2% half yearly interest

2% yearly interest

5. When any person taking more input tax credit than entitlement in return:
penalty will be ?

BDT 25,000

BDT 100,000

Twice the amount of input tax taken

Twice the amount of input tax irregularity taken

6. What is the punishment for make or use of fake VAT & Turnover
Registration certificate?

One year imprisonment or with a fine equal to the amount of tax payable;

One year imprisonment or with a fine equal to the amount of tax payable or
with both

7. How many years need to keep Books and records regarding VAT?

5 years

6 years

10 years
 12 years

8. What amount should be pay for a person appeal to the Commissioner

Appeal ?

10% of the tax specified in the challenged order;

20% of the tax specified in the challenged order

30% of the tax specified in the challenged order

50% of the tax specified in the challenged order

9. What amount should pay when a person want to submission of a

revision application to the High Court Division ?

10% of the tax specified in the challenged order;

20% of the tax specified in the challenged order;

30% of the tax specified in the challenged order;

50% of the tax specified in the challenged order;

10. Which VAT Form should be used for providing the information of above
BDT 200,000 sales and purchases information?

VAT Form 4.3

VAT Form 6.1

VAT Form 6.3

VAT Form 6.10

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ICAB Certificate Level (7th
Batch) _VAT (Exam-05)


1. Compare with old Vat Act 1991 following which points not applicable for
new VAT Act 2012

Vat Current Account

Price declaration

Input output coefficient

Duty draw back

Appointment of VAT Agent

2. What is the minimum prerequisite of VAT Agent?

Register member of the ICAB, ICMAB & ICS

Any lawyer registered as member of the Bangladesh Bar Council

Any retired officer of the VAT department who is not below the rank of
Assistant Commissioner; or

All above

3. What are the responsibilities of VAT Agent?

Registration
 Return submission

Import and export

Liable to pay tax payment, monetary penalty, interest amount

All above

4. Following which supplies shall not be zero rated?

Immovable property relates is inside Bangladesh ; (S-22)

Supplies of Goods for export; (S-23)

Any supply of a right or option to receive a supply that is zero rated; (S-26)

If a supply becomes both exempted and zero rated it shall be treated as zero
rated without being exempted; (S-26)

All above

5. Following which services shall be zero rated?

Supply of service rendered outside Bangladesh

Supply of service rendered to international transport

Supply infavor of goods with warranty of repair or replacement

All above

6. Following which statement is correct?

Zero rated supply can take input tax credit;

Exempted supply cannot take input tax credit;

7. No VAT is imposed on the export of goods neither does other duties;

 True

False

8. When a company cannot input tax credit?

Turnover tax paid under the purview of Turnover tax

If company does not maintain mushak-6.1 or mushak-6.2.1

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