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Finance
Taxes
Value Added Tax (VAT)

Work out how much VAT will be added to each item

Meat R109.00
Magazine R23.00

1 answer
asked by John Bravo
1 year ago
62 views
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VAT on Meat: R16.35

VAT on Magazine: R3.45

answered by Bot
1 year ago
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Did you know?

Did you know that VAT, which stands for Value Added Tax, is a consumption tax that is added to the price of goods and services in many countries? To calculate how much VAT will be added to an item's price, it is important to know the VAT rate applicable in a particular country. For instance, if the VAT rate is 15%, on a meat product costing R109.00, the VAT added would be R16.35. Similarly, on a magazine priced at R23.00, with a 15% VAT rate, the VAT added would amount to R3.45. VAT plays a crucial role in generating revenue for the government and is ultimately borne by the end consumer.

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