FWIW in Argentina VAT is 21%
We simply calculate VAT as: net * 0.21 = VAT
Gross = net + VAT
or Gross = net * 1.21
It gets a little bit more complicated because there are different
categories of VAT tax payers:
companies selling to other companies must show VAT separate from total
in invoices, so an invoice would look like:
net 100
VAT 21
Total 121
this is because the purchasing company has to take the VAT off its dues
to the Tax Department
VAT in all sales, ie 300,000
VAT in all purchases ie 250,000
Net VAT due to tax dept would be 50,000
whereas an over the counter sale to an individual consumer would only
show the total thus:
Total 121
In this case, all over the counter sales have to be marked down by the
21% VAT to obtain the net amount, then apply the VAT rate and obtain the
VAT charged to customers.
Business rules have to account for all that in our VFP programs
Rafael Copquin
El 11/06/2014 7:07, Peter Cushing escribió:
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]
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