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(ACF231) Taxation Accounting Problem Solving (b1: 5 Marks) The International Trading Company imported goods with value of 4,000,000BD and paid 1,000,000BD as custom fees.
(ACF231) Taxation Accounting Problem Solving (b1: 5 Marks) The International Trading Company imported goods with value of 4,000,000BD and paid 1,000,000BD as custom fees. The company paid 10% VAT on total cost of the imported goods. If the company has sales as following: First month: 1,000,000BD Second month: 1,500,000BD Third month: 2,000,000BD Fourth Month: 2,500,000BD Required: 1) What is the VAT paid and the VAT collected by this company? 2) Prepare VAT tax due statement on monthly basis for this company.
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