Question 3 (3 marks): Thang Loi, a company engaging in food production, is going to prepare...

Transcribed Image Text:

Question 3 (3 marks): Thang Loi, a company engaging in food production, is going to prepare its VAT return for the tax month May 2022 with the following data: 1. Sale: 4 items at all rates and an item that is exempt from declaring and paying VAT. 2. Input VAT: 6 items. Requirements: 1) Giving necessary detailed figures and information in order to identify Thang Loi's VAT liability for May 2022 provided that: (i) All principles for deductions are used; (ii) 2 items related to special cases of creditable input VAT; (iii) Necessary conditions for creditable input VAT are given. 2) Computing Thang Loi's VAT liability for May 2022 basing on above given information and the figures and information supposed. 3) Describe the procedures related to submit VAT return and pay VAT by Thang Loi. Question 3 (3 marks): Thang Loi, a company engaging in food production, is going to prepare its VAT return for the tax month May 2022 with the following data: 1. Sale: 4 items at all rates and an item that is exempt from declaring and paying VAT. 2. Input VAT: 6 items. Requirements: 1) Giving necessary detailed figures and information in order to identify Thang Loi's VAT liability for May 2022 provided that: (i) All principles for deductions are used; (ii) 2 items related to special cases of creditable input VAT; (iii) Necessary conditions for creditable input VAT are given. 2) Computing Thang Loi's VAT liability for May 2022 basing on above given information and the figures and information supposed. 3) Describe the procedures related to submit VAT return and pay VAT by Thang Loi.

Answer rating: 100% (QA)

Question 1 VAT or value added tax has recently been subsumed by the Goods and Services Tax also known as GST Earlier VAT was paid by the original producer when the said goods or services reached the e... View the full answer