ABC Juice Limited manufactures and sells juice locally in St. Lucia and in the Caribbean. The business is VAT registered
Posted: Wed May 04, 2022 6:46 am
ABC Juice Limited manufactures and sells juice locally in St.
Lucia and in the Caribbean. The business is VAT registered with tax
authorities in St. Lucia. The company has recorded the following
transactions in January 2020:
- Sales to local customers - $1,500,000 (VAT inclusive)
- Sales to local customers - $1,200,00 (VAT exclusive)
- Sales to exempt suppliers - $100,000
- Export Sales - $700,000
- Purchases $800,000 (VAT inclusive)
- Purchases $600,000 (VAT exclusive)
- Value of Imports of $60,000. VAT paid at Customs $18,000
- Prior month adjustment relating to volume discounts –
Reduction in Output Tax of $6,000.
Calculate the VAT payable/refundable for January 2020?
Lucia and in the Caribbean. The business is VAT registered with tax
authorities in St. Lucia. The company has recorded the following
transactions in January 2020:
- Sales to local customers - $1,500,000 (VAT inclusive)
- Sales to local customers - $1,200,00 (VAT exclusive)
- Sales to exempt suppliers - $100,000
- Export Sales - $700,000
- Purchases $800,000 (VAT inclusive)
- Purchases $600,000 (VAT exclusive)
- Value of Imports of $60,000. VAT paid at Customs $18,000
- Prior month adjustment relating to volume discounts –
Reduction in Output Tax of $6,000.
Calculate the VAT payable/refundable for January 2020?