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(c) A company had VAT due amounting to Sh. 400,000 . It was late in making the payment for six weeks. What late payment penalty
(c) A company had VAT due amounting to Sh. 400,000 . It was late in making the payment for six weeks. What late payment penalty will be charged? ( 4 marks) (d) Inland Limited imported goods whose landed value is Sh.600,000. The duty chargeable on them is at the rate of 30%. There is to be made a provision for transport to the interior amounting to Sh. 40,000 . A commission is to be paid of 3% dutable value. Value Added Tax is charged on those goods at 18%. Determine the amount of VAT payable. ( 4 marks)
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