ABC Juice Limited manufactures and sells juice locally in St. Lucia and in the Caribbean. The business is VAT registered with tax authorities in St. Lucia. The company has recorded the following transactions in January 2020: - Sales to local customers - $1,500,000 (VAT inclusive) - Sales to local customers - $1,200,00 (VAT exclusive) - Sales to exempt suppliers - $100,000 - Export Sales - $700,000 - Purchases $800,000 (VAT inclusive) - Purchases $600,000 (VAT exclusive) - Value of Imports of $60,000. VAT paid at Customs $18,000 - Prior month adjustment relating to volume discounts – Reduction in Output Tax of $6,000. Calculate the VAT payable/refundable for January 2020
ABC Juice Limited manufactures and sells juice locally in St. Lucia and in the
Caribbean. The business is VAT registered with tax authorities in St. Lucia. The company
has recorded the following transactions in January 2020:
- Sales to local customers - $1,500,000 (VAT inclusive)
- Sales to local customers - $1,200,00 (VAT exclusive)
- Sales to exempt suppliers - $100,000
- Export Sales - $700,000
- Purchases $800,000 (VAT inclusive)
- Purchases $600,000 (VAT exclusive)
- Value of Imports of $60,000. VAT paid at Customs $18,000
- Prior month adjustment relating to volume discounts – Reduction in Output Tax
of $6,000.
Calculate the VAT payable/refundable for January 2020
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