ACC 11 TERM 4 WEEK 1 – 2 Value Added Tax (VAT)
TOPIC – Value Added Tax (VAT)
Perform VAT calculations:
• use current rate
• add VAT to cost price plus markup amount
• calculate VAT from VAT-inclusive amount
• invoice or receipt base.
Understand the effect of bad debts, discounts and goods returned
Integrate ethics relating to VAT – VAT fraud, etc.
Integrate internal audit and internal control processes over collection
of VAT from customers and payment of VAT to SARS.