The following data pertain to a vat registered taxpayer for February:

Sales, total invoice price 896,000

Domestic purchases from a VAT supplier, Gross of VAT 268,800

In January, there is an importation of goods to be sold, with a landed cost of 200,000.

There are no sales in January

How much is the value added tax in February using 12% VAT rate?

Answer rating: 100% (QA)

Approach to solving the question The VAT Liability for January will b... View the full answer