with budget proposal 2015 if the turnover exceed 100 Mn per quarter for distributors they are liable for VAT and NBT. we liable for these taxes. We have only a margin. Please advise how to calculate NBT and VAT on our turnover?
Please check following calculation of taxes and confirm.
Example
Item 1 purchase value Rs 60.00 and qty 500. selling for Rs 75.00
Sale Value 37,500.00 (75*500)
Revenue 88.29 33,108.11
NBT 1.80 675.68
90.09 33,783.78
VAT 9.91 3,716.22
Total 100.00 37,500.00
VAT payments
Vat Out put 3,716.22 (33783.78*0.11)
Vat input 3,300.00 ((60*500))*0.11
Payable to IRD 416.22 (3716.22-3300.00)
NBT Payments
Payable to IRD 675.68
Tax effect to company Margins before tax
Item Name Purchase Value selling price before tax Margin before tax Magin % before tax
Item 1 ( 500 qty) 30,000.00 37,500.00 7,500.00 25%
Tax effect to company Margins after tax
Item Name Purchase Value selling price after tax Taxes Total Tax Margin after tax Magin % after tax
NBT VAT
Item 1 ( 500 qty) 30,000.00 37,500.00 168.92 416.22 585.14 6,914.86 23%
(60*500) (75*500) (675.68*25%) (Vatoutput-input) (vat+nbt)
