Question: Don DevelopeDon Developer is an individual involved in the development of office sites. he is registered as a vendor for VAT purposes and during the

Don DevelopeDon Developer is an individual involved in the development of office sites. he is registered as a vendor for VAT purposes and during the current year of assessment sold an office block in Hatfield, Pretoria to a corporate firm of lawyers who is also registered for VAT purposes. The selling price amounted to R2 280 000(including VAT) and the premises will serve as offices for the company Indicate whether the company will qualify for any input tax credit with regard to this transaction and,if so,calculate the amount therefore.r is an individual involved in the development of office sites. he is registered as a vendor for VAT purposes and during the current year of assessment sold an office block in Hatfield, Pretoria to a corporate firm of lawyers who is also registered for VAT purposes. The selling price amounted to R2 280 000(including VAT) and the premises will serve as offices for the company Indicate whether Don Developer will incur any liability to account for output tax for VAT purposes in this regard and,if so, calculate the amount thereof

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
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 Accounting Questions!