Page 4 - P6 Slide Taxation - Lecture Day 3 - VAT Part 1
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3. Calculation of VAT
Output tax XXXXX
Less: Input tax (XXXX)
= VAT payable / (receivable) XXXXX
IOutput > input = amount payable to SARS.
If output < input = amount receivable from SARS.
Output tax → is charged → should be paid to SARS
Input tax → is claimed → received from SARS
