Question: a). Sara is in the process of completing her VAT return for the quarter ended 31 March 2022 in the UAE. The following information

a). Sara is in the process of completing her VAT return for

a). Sara is in the process of completing her VAT return for the quarter ended 31 March 2022 in the UAE. The following information is available: Sales invoices totaling AED128,000 were issued in respect of standard rated sales. Standard rated expenses amounted to AED24,800. On 15 February 2022 Sara purchased machinery at a cost of AED24,150. This figure is inclusive of VAT. Unless stated otherwise all of the above figures are exclusive of VAT. Compute the VAT payable for the quarter ended 31st March 2022. Show all calculations in detail for full credit. b). What is corporate tax? Briefly explain the existing and proposed corporate tax in the UAE. According to you, what are the reasons for proposing this corporate tax in the UAE? What will be its impact?

Step by Step Solution

★★★★★

3.34 Rating (175 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

a VAT payable sales expenses x VAT rate VAT payable 128000 24800 x ... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Abstract Writing Questions!

Sandra Jackson has been a self-employed builder since 2000. She registered for VAT on 1 January 2022 and is in the process of completing her VAT return for the quarter that ended 31 March 2022. The...

Shelly Johnson has been a self-employed builder since 2000. He registered for VAT on 1 January 2021 and is in the process of completing his VAT return for the quarter ended 31 March 2021. The...

On 6 April 2021, Harry Johnson, aged 38, started employment with, Queens words Ltd as a proof-reader. On the 11 January 2022, Harry also entered into a partnership with his friend Debra. Together...

The following is Ash's trial balance as at 31 March 2011: Additional information: 1 Stock at 31 March 2011: 15 000. 2 At 31 March 2011 there was a specific bad debt of 6000. This was to be written...

Gettry Doffit plc is an international company with worldwide turnover of 26 million. The activities of the company include the breaking down and disposal of noxious chemicals at a specialized plant...

Long Board Company Manufactures designer paddle boards in a wide variety of sizes and styles. The following incomplete ledger accounts refer to transactions that are summarized for May: In addition,...

An analysis of the accounts of Roberts Company reveals the following manufacturing cost data for the month ended June 30, 2014. Costs incurred: raw materials purchases $54,000, direct labor $47,000,...

(a) If Jessica buys corporate or municipal bonds, what rating should her selections have? Why? (b) Jessica has a choice between two $1000 bonds: a corporate bond with a coupon rate of 5.1 percent and...

Refer to QS and prepare journal entries to record each of the merchandising transactions assuming that the periodic inventory system is used. In QS, Prepare journal entries to record each of the...

The following data were adapted from the financial statements of Kmart Corporation, prior to its filing for bankruptcy: a. Prepare a horizontal analysis for the income statement showing the amount...

dosed sunface (such as Detennine uhether a can be broben up into favts the side of a cube) to simfy the integration that yiels the 'net flum surfacei Anaughhe suface

Out of three offspring, one is tall, and two are intermediate. When there are more than two outcomes of a trial, the distribution of all possibilities is described by the multinomial distribution....

State the order of the given ordinary differential equation. Determine whether the equation is linear or nonlinear. x 2 y ( 4 ) - x 3 y " = ex

On January 1, 2021, Brooks Corporation exchanged $1,255,500 fair-value consideration for all of the outstanding voting stock of Chandler, Inc. At the acquisition date, Chandler had a book value equal...

A 21.7 mL sample of 0.217 M ammonia , NH 3 , is titrated with 0.256 M hydrobromic acid . At the equivalence point, the pH is. Use the Tables link in the References for any equilibrium constants that...

Section 3 9 Competence questions - each correct reply has a maximum of 3 points for a maximum of 27 points Scenario A Quebec company called TENTWARE has been selling camping equipment to Alberta and...

The pH of an aqueous solution of 0.325 M phenol (a weak acid) , C 6 H 5 OH, is .

What is the pH of an aqueous solution of 4.8110 -3 M barium hydroxide ? pH =

measures 72. Which type of arc is it? circular arc minor arc T

BCD IMAGING CORPORATION: REVENUE RECOGNITION Sara, a prominent asset management firm's stock analyst, was drafting a report for her fund manager. Her company had invested in BCD Imaging Corporation...

fu W El Cey roomipite Clptoird BI Insent Design Layout References DTV + Maling View ERRE.. Persgnen BCD IMAGING CORPORATION REVENUE RECOGNITION frock can foec be h rap Arindnk3834, BCD kaim Teri port...

THE NEW ACCOUNTANT Azhar was member of the Family and he was personally responsible for hiring Melissa as the general manager of the Venue. After considerable discussion with other Family members,...

1) Sara is single, age 25 and owned a paid in full 2015 blue Chevy Truck that she believed had a fairly high market value. It took Sara about 4 years to pay off the truck. Benjamin, Saras close...

INTERNAL COMPETITION - A CURSE FOR TEAM PERFORMANCE V. Padhmanabhan wrote this case solely to provide material for class discussion. The author does not intend to Illustrate either effective or...

Sara is single, age 25, and owned a paid in full 2015 blue Chevy Truck that she believed had a fairly high market value. It took Sara about 4 years to pay off the truck. Benjamin, Saras close...