i need the answer quickly Mr Alex bought a fishing boat 20m, on 1 June 2021 for R350 000 including VAT. Every weekend he wouldtake 10 employees for the fishing at no charge. A market related cost for the fishing trip is R1250 (includingVAT) per person. Discuss the VAT implications for 2022. A. Input tax can be claimed on the purchase of theboat and the trips to the employees B. Input tax can be claimed at R1 $250 \times 10 \times 15/115$ C.Free trips are a supply of entertainment and it has no input tax implication D. Output tax can be claimed onthe purchase of the boat

Value Added Tax (VAT) is a type of consumption tax imposed on goods and services at every stage of…

Answered: .Discuss the VAT implications for 2022.…

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter5: Business Deductions

Section: Chapter Questions

Problem 45P

See similar textbooks

Similar questions

Peter was receiving rental payments of $1,300 at the end of each month from his tenants of his commercial property. What would be the value of his property in the market if he wants to sell it, assuming money earns 3.2% quarterly? N MAARTEN PROPONOSEN HERO compounded *Pengondoom POROS-ovma: ROBORADNO SUPPORTORO PODPOR 220900 Tomatogn RUMORDER enten OSTOPORUNOR DEPARARE PERDANA
Tony is purchasing a new car for 23,000. The tax is 7% of the purchase price and the dealership fee is $525. He has a trade in car valued at $4000 and another $1000 for a down payment. The remainder of the balance is to be financed. There are two options for financing. Option 1: 0% APR for 5 years Option 2: 2.99% APR for 5 years and $1500 cash back a) What is the monthly payment for each option? b) Which is the better deal?
(A) Brock purchases equipment that has a fair value of $50,000. Brock pays $10,000 as a downpayment, and also issues a note with principal of $60,000, and pays interest of 1% annually, with the principal due in 10 years. What is the market rate for the note? (round to the nearest .1%) N= I= PMT = FV = PV = Work (if necessary) Answer
Installing a solar panel system on your roof comes with a total upfront cost of $18,000 after all tax credits. If the solar panels reduce your utility bill by $1000 per year, what is the Payback Period of installing the solar panel system? Round to one decimal place. Numeric Answer:
Shurgurado Lhines is a dealer of cleaning materials. If it pays PhP1,875 for the vacuum cleaner and sells each at PhP4,499.50. a What is the percent markup based on selling price? b. Shurgurado Lhines decided to give a 1-year Product Replacement Policy amounting to PhP399.50. If it pays PHP75.00 to the insurance company for each product replacement policy sold, what is the percent markup based on selling price of the vacuum cleaner and policy combination? If 6,000 vacuum cleaners are sold in a season and 40% are sold with the insurance policy, how many additional "markup amount," (the gross margin), was made by offering the policy? Continuing with the information from letter c, compare the total markup amount of Shurgurado Lhines on: i. C. d. Vacuum cleaners only Combination of vacuum cleaner and policy replacement offer e. As Operations Manager for Shurgurado Lhines, what is your opinion on offering such replacement policy considering their effect on the "profit picture" of the…
please help me
A mother purchases a piece of furniture for P25,000. She pays a 20% down payment and agrees to pay tge remaining balance in 12 equal monthly payments. Find the finance charge on the balance if the simple interest rate is 6%?
Solve this issue
Lisa Camry bought a $15,000 car with a $3,000 down payment. The balanceis financed by a manufacturer’s sale offering 0-percent annual interest.If Lisa’s opportunity cost is 5 percent, what is her WACC?
Willie is a boat dealer. He pays 28250 for a boat and uses a 30% markup on cost. At what price should willie resell the boat?
Shurgurado Lhines is a dealer of cleaning materials. If it pays PHP1,875 for the vacuum cleaner and sells each at PhP4,499.50... What is the percent markup based on selling price? Shurgurado Lhines decided to give a 1-year Product Replacement Policy amounting to PHP399.50. If it pays PhP75.00 to the insurance company for each product replacement policy sold, what is the percent markup based on selling price of the vacuum cleaner and policy combination? |If 6,000 vacuum cleaners are sold in а. b. С. season and 40% are sold with the insurance policy, how many additional "markup amount," (the gross margin), was made by offering the policy? Continuing with the information from letter c, compare the total markup amount of d. Shurgurado Lhines on: Vacuum cleaners only Combination of vacuum cleaner and policy replacement offer i. ii. As Operations Manager for Shurgurado Lhines, what is your opinion on offering such replacement policy considering their effect on the "profit picture" of the е.…
How would these taxes be figured?

SEE MORE QUESTIONS

Recommended textbooks for you

SWFT Essntl Tax Individ/Bus Entities 2020

Accounting

ISBN:

9780357391266

Author:

Nellen

Publisher:

Cengage

SWFT Comprehensive Vol 2020

Accounting

ISBN:

9780357391723

Author:

Maloney

Publisher:

Cengage

SWFT Comprehensive Volume 2019

Accounting

ISBN:

9780357233306

Author:

Maloney

Publisher:

Cengage

SWFT Essntl Tax Individ/Bus Entities 2020

Accounting

ISBN:

9780357391266

Author:

Nellen

Publisher:

Cengage

SWFT Comprehensive Vol 2020

Accounting

ISBN:

9780357391723

Author:

Maloney

Publisher:

Cengage

SWFT Comprehensive Volume 2019

Accounting

ISBN:

9780357233306

Author:

Maloney

Publisher:

Cengage

CONCEPTS IN FED.TAX., 2020-W/ACCESS

Accounting

ISBN:

9780357110362

Author:

Murphy

Publisher:

CENGAGE L

Individual Income Taxes

Accounting

ISBN:

9780357109731

Author:

Hoffman

Publisher:

CENGAGE LEARNING - CONSIGNMENT

SWFT Individual Income Taxes

Accounting

ISBN:

9780357391365

Author:

YOUNG

Publisher:

Cengage

SEE MORE TEXTBOOKS

.Discuss the VAT implications for 2022. A