Question
1. Omega Corporation is engaged in a business subject to value added tax and another business which is not subject to value added tax. Omega's
1. Omega Corporation is engaged in a business subject to value added tax and another business which is not subject to value added tax. Omega's business data for the current year were provided as follows:
Sales, vat business, invoice amountP 896,000
Sales, non-vat business,200,000
Purchases of goods, vat business, invoice amount224,000
Purchases of goods for non-vat business, inclusive of input vat33,600
Purchase of depreciable asset for common use, vat included112,000
Purchase of supplies for common use, vat included2,240
Rental of premises for both types of business. The lessor
is non-vat registered person22,400
Required: Determine the vat payable for the year.
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