VAT Flashcards
Easily identify and compute for VAT
1
Q
Net of VAT means
A
Exclusive of VAT
NEX12
2
Q
Gross of VAT means
A
Inclusive of VAT
GIN112
Gross of VAT x 12% ÷ 112 % = VAT
3
Q
VAT Payable
A
Output VAT- Input VAT= VAT Payable
