User:Abdul Iguda (Mr Prof)/sandbox

17	Value Added Tax Learning Objectives After studying this chapter, you should be able to: 	Explain the term VAT and state the advantages and disadvantages of VAT; 	State the composition and functions of the VAT Technical Committee; 	State the duties and obligations of a taxable person under the Value Added Tax Act; 	Compute input VAT and output VAT; 	Describe the methods the types of VAT; 	Identify the categories of goods and services which are exempted from VAT and those which are zero – rated; 	Mention the offences which may be committed under the Value Added Tax Act and the penalties for such offences; 	Define the various terms used in connection with VAT.