ABC Juice Limited manufactures and sells juice locally in St. Lucia and in the Caribbean. The business is VAT registered with tax authorities in St. Lucia. The company has recorded the following transactions in January 2020:

-     Sales to local customers - $1,300,000 (VAT inclusive)

-     Sales to local customers - $1,000,000 (VAT exclusive)

-     Sales to customers located abroad - $700,000

-     Purchases $750,000 (VAT inclusive)

-     Purchases $500,000 (VAT exclusive)

-     Imports of $75,000 inclusive of $15,000 VAT

Calculate the VAT payable/refundable for January 2020?  

Answer rating: 100% (QA)

To calculate the VAT payablerefundable for January 2020 we need to consider the VAT on sales and VAT ... View the full answer