XX ltd sold goods worth ksh 5,336,000 and purchased goods worth ksh 2,668,000 in the month of January 2022. All these items are stated inclusive of VAT at the standard rate of 16%. XX ltd filed its VAT return with KRA on 25th February 2022.

Required:

Calculate the amount of penalty.

Answer rating: 100% (QA)

To calculate the amount of penalty for late filing of the VAT return we first nee... View the full answer