IAB LEVEL 3 DIPLOMA IN SMALL BUSINESS FINANCIAL MANAGEMENT VALUE ADDED TAX ASSIGNMENT TASK 1 ITEM NET £ VAT £ TOTAL £ Sales Day Book June 11875.45 2375.09 14250.54 July 10885.25 2177.05 13062.30 August 7215.28 1443.06 8658.34 TOTALS 29975.98 5995.20 35971.18 Sales Returns Day Book June 147.5 29.5 177 July 0 0 0 August 100 20 120 TOTALS 247.50 49.50 297 Purchase Day Book June 6870.26 1002.93 7873.19 July 5885.31 780.39 6665.70 August 5012.55 551.26 5563.81 TOTALS 17768.12 2334
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1.1 BACKGROUND OF THE STUDY Value Added Tax (VAT) is a system of tax recently introduced in Nigeria‚ which is based on imposition‚ and charging 5 percent tax on certain goods and services imported or produced locally in Nigeria. The idea of introducing Value Added Tax in Nigeria came from the report of the study groups set up by the Federal Government in 1991 to review the entire Tax System. Value Added Tax was proposed and a committee was set up to carry out feasibility studies on its implementation
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> VAT > An introduction to VAT An introduction to VAT What is VAT? VAT is a tax chargeable on taxable supplies made in the UK by taxable persons. Credit is given for tax paid to other businesses and the net balance is payable or reclaimable - normally on a quarterly basis. Taxable persons A taxable person is any person carrying on a business which is‚ or is required to be registered for VAT and includes the following: If you suspect VAT fraud | You can report a suspected VAT fraud
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According to Businessdictionary.com‚ value added tax (VAT) is define as Indirect tax on the domestic consumption of goods and services‚ except those that are zero-rated (such as food and essential drugs) or are otherwise exempt (such as exports). It is levied at each stage in the chain of production and distribution from raw materials to the final sale based on the value (price) added at each stage. It is not a cost to the producer or the distribution chain members‚ and whereas its full brunt is
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SARS TO PAYROLL CHAPTER 2 – VAT INTRODUCTION TO VALUE ADDED TAX (VAT) What is VAT? VAT stands for Value Added Tax. Value Added Tax (VAT) is levied on the supply of goods and services by vendors or it is a tax businesses charge when they supply their goods and services. We have to pay VAT on most of the things that we buy. In September 1991‚ South Africa replaced its general sales tax (GST) with a consumption-type value added tax (VAT). The VAT is administered with a rebate for
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Title of the Report : ‘’Good governance of VAT system in industrial undertaking and trading houses’’ Course Name Course Code Submitted To : Taxation : 303 : Hasina Nargis Lecturer‚ Jagannath University Submission Date : 27-03-2010 Dissertation submitted by (Creative Group) 1. Umme Marzan ‚Class Roll: 06671566 2. Md.Imran Hossain ‚Class Roll: 06671530 3. Rabia Khatun ‚Class Roll: 06671532 4. Md.Nahid Mahamud‚Class Roll: 06671704 5. Md.Amirul Islam‚Class Roll: 05122245 6. Khandaker Shabbir
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Business Research EM-518 Term Paper (A research proposal) On Effectiveness and efficiency of Value Added Tax (VAT) system in Bangladesh Submitted to: Dr. Shaker Ahmed Professor Department of Management Studies Faculty of Business Studies University of Dhaka Submitted by: Ahmed Munirus Saleheen # 3-08-14-031 Debashis Chandra Saha # 3-09-16-015 Marzuq Mohammad Hussain # 3-07-12-019 Md. Helal Uddin Talukder # 3-09-16-027 Md. Abdul Waresh Ansary # 3-09-15-037 [pic] Evening
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Methods of computation of VAT. (a) Addition Method. (b) Subtraction Method. (c) Tax credit or Invoice Method. Methods of calculation of VAT. As mentioned earlier VAT is nothing but a form of sales tax only and is charged at each stage of sale on the value added to the goods. “Value Added” is the difference between sale and purchase of a business. A straight forward way to compute the base of a VAT for a given period‚ say a quarter‚ is‚ in the case of a manufacturer‚ to deduct the total
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Macroeconomic Effect of VAT on the Bahamas Teresa Taylor Omega College Macroeconomics – ECON233 Mr. C. Lunn November 26th‚ 2014 TABLE OF CONTENTS Introduction………………………………………………………………………………………..3 Value-Added Tax in the Caribbean………………………………………………………………………………………….4 Value Added Tax in the Bahamas: Reasons for Implementation…………………………………4 Debate over the Implementation of Value-Added Tax in the Bahamas…………………………..7 Suggested Alternatives to Value Added Taxation……………………………………………….13 Ensuring Maximum
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Added Tax (VAT)? It is a tax on consumption levied on the sale‚ barter‚ exchange‚ or lease of goods or services in the Philippines and on the importation of goods into the Philippines. It is an indirect tax‚ as provided in Section 105 of the NIRC. It is an indirect tax meaning the amount of tax may be shifted on the buyer‚ transferee or lessee of the goods‚ property‚ or services. The Code provides that the tax may be shifted to the consumer‚ most if not at all‚ taxpayers who are VAT liable shift
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