Friday Quiz - 9/3/18 - Quiz, Flashcards & Trivia

1. The city of Bombay, in India, changed its name in 1995 - what is the modern name?

Chennai

Hyderabad

Mumbai

New Delhi

The Government of India officially changed the English name to Mumbai in November 1995. This came at the insistence of the Marathi nationalist Shiv Sena party, who argued that 'Bombay' was a corrupted English version of 'Mumbai' and an unwanted legacy of British colonial rule.

Explanation

The Government of India officially changed the English name to Mumbai in November 1995. This came at the insistence of the Marathi nationalist Shiv Sena party, who argued that 'Bombay' was a corrupted English version of 'Mumbai' and an unwanted legacy of British colonial rule.

2. What's the VAT rate on the service charge our residents pay?

20%

5%

0%

Exempt

The supply of a "service charge" is exempt from VAT, meaning that not only do we not charge our residents VAT on the service charge, but also that we can't reclaim any VAT that we pay out in the making of the services covered by the service charge.

In other words, any VAT that our suppliers charge us is passed onto the residents in full, but we don't charge an additional 20% on top!

Explanation

The supply of a "service charge" is exempt from VAT, meaning that not only do we not charge our residents VAT on the service charge, but also that we can't reclaim any VAT that we pay out in the making of the services covered by the service charge.

In other words, any VAT that our suppliers charge us is passed onto the residents in full, but we don't charge an additional 20% on top!