Page 105 - F6 Slide - Taxation - Lecture Day 4
P. 105
Solution (Finance Lease)
The bank has to account for output tax on the cash
value (excl. interest) of the car of R13 754 (R112 000 ×
14/114) on 1 June.
The interest is a financial service – an exempt supply.
The manufacturer is not able to claim any input tax
deduction, since the vehicle is a ‘motor car’ as defined.
