Hi Peter, If we take 200 and add 14%: 200 Net + 14 % = 228 Gross.
To calculate the vat amount from 228 : 228 * 14 / 114 = 28 14 / 114 = 0.1228070175438596 It's not normally how I would calculate VAT but it's correct. Normally I use: net = ROUND(gross / (1 + (VatRate / 100)), 2) Paul On 11 June 2014 11:07, Peter Cushing <[email protected]> wrote: > Paul Hill wrote: >> >> Hi All, >> >> I have South African clients. In South Africa VAT (sales tax) is 14%. >> >> So to calculate the vat amount you could use: >> vat = gross * 14 / 114 >> >> The South African Revenue Service is stating we can no longer use this. >> Instead we must use exactly 0.12280 (14 / 114 rounded to 5 decimal places) >> >> So: >> vat = gross * 0.12280 >> >> Has anyone ever seen something like this before? >> >> > > Well the figure they have given you isn't 14% it is 12.28%. There must be > another factor in the calculation to take it down to that. > I find using decimal fractions much easier, so for example when VAT here was > 17.5% to calculate you did > vat = gross * 0.175 or you could make it harder for yourself: > vat = gross * 17/100 > If you have a figure and you just want to add the vat to it: > total = oldtotal * 1.175 > Now we just use 1.2 for 20% vat. > > So if they say just use 0.1228 then that's nice and easy to use :-) > > Peter > > > [excessive quoting removed by server] _______________________________________________ Post Messages to: [email protected] Subscription Maintenance: http://mail.leafe.com/mailman/listinfo/profox OT-free version of this list: http://mail.leafe.com/mailman/listinfo/profoxtech Searchable Archive: http://leafe.com/archives/search/profox This message: http://leafe.com/archives/byMID/profox/CADwx0+J3uGeN0kuiakg5JHYAbaro7P77vt6NnfFM=6czkon...@mail.gmail.com ** All postings, unless explicitly stated otherwise, are the opinions of the author, and do not constitute legal or medical advice. This statement is added to the messages for those lawyers who are too stupid to see the obvious.
