Question
Case 2: VAT (Total mark = 3%) On 6 April 2022, LLP Diploma (Diploma) acquired products from a domestic supplier for 7,363,200 tenge (inclusive of
Case 2: VAT (Total mark = 3%)
On 6 April 2022, LLP Diploma (Diploma) acquired products from a domestic supplier for 7,363,200 tenge (inclusive of value added tax (VAT)).
On 12-May 2022, Diploma incurred some service expenses (i.e. packaging) of 425,667 tenge inclusive of VAT) related to the products acquired. No other expenses relating to export have been incurred.
On 7 June 2022, Diploma exported these goods to Italy for 19,500 EUR (exchange rate 520). Payment from the foreign customer was received on 30 June 2022 (exchange rate 550).
All sales and purchases are confirmed by proper electronic VAT invoices, agreements and other supporting documents in quarter two (02) 2022
Required:
(i) Calculate VAT liability/payable for Q2 2022, disclosing both VAT accrued (VAT output) and VAT amount allowable to be offset (VAT input).
(il) List the VAT recovery conditions, ie refund of excess VAT amount for goods, works and services used for the purposes of taxable turnovers of zero-rated sales. State the period when VAT amount shall be refunded to LLP Diploma.
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