Page 62 - ADVANCED TAXATION - Day 1 Slides

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Example

Mark Model (a VAT vendor) carries on the business of a dairy,
and for the VAT period under review he received R300 000
(VAT inclusive) for the sale of milk. During the same period

he incurred the following expenses (VAT inclusive):

R

Purchase of cows from vendors 114 000
Fuel

8 000

Purchase of packing materials 57
000

Calculate the VAT payable or refundable for the

applicable VAT period.