Page 7 - Chapter 32 VAT Part 1
P. 7
3. Calculation of VAT
Output tax XXXXX
Less: Input tax (XXXX)
= VAT payable / (receivable) XXXXX
If output > 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
