What surcharge penalty could Glacier Ltd be charged if the company is one month late in paying its VAT liability for the quarter ended 31 March 2016?
A 5% of the VAT liability
B 2% of the VAT liability
C There will be no penalty
D 10% of the VAT liability
Answer:A
What surcharge penalty could Glacier Ltd be charged if the company is one month late in paying its VAT liability for the quarter ended 31 March 2016?
A 5% of the VAT liability B 2% of the VAT liability C There will be no penalty D 10% of the VAT liability