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TAXATION AC 321B
Value Added Tax
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Taxable supplies including zero rated supplies and special relieve. Exempt supplies Supplies which are outside the scope of VAT.
Sando, James Mahanga 23
Gaming and betting of any kind such as gaming machines, lotteries, bingo, horses racing etc. Gifts or loans of goods Appropriation of goods for personal use or consumption Barter trade and exchange of goods Processing or treating of another persons goods
Sando, James Mahanga 24
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b c
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VAT TSHS. 10,000 15,000 12,000 2,000 2,500 7,500 2,000 2,500
VAT INCLUSIVE TSHS. 60,000 90,000 72,000 12,000 15,000 45,000 12,000 15,000
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Use the two methods to compute the VAT Amount to be paid or claimed
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Step 1 : The Value of Taxable supplies made is sugar Cooking oil Laundry soap Toilet soap
3
40,000 30,000
0
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Step 3 : Tax payable on supplies made to the registered person sugar Cooking oil Laundry soap Transportation of wheat flour & maize Bags for re-packing wheat flour tax invoice books electricity telephone
5 l a t o
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i 2
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56
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d e
Transportation of wheat flour and maize Bags for re-packing wheat flour
4
2,000 2,500
0 0 5 ,
f g h
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37,000 12,000
0 0 0 ,
Note: The second method of apportionment was amended by the VAT (General Amendments) Regulations 2000 Input tax attributable directly to exempt supplies can not be included in the calculation and is not allowed to be claimed.
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d d
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t t o
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M M
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t u
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