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Doka LLC based in the UAE mainland area is engaged into imports of construction frameworks (raw material). The cost of this material is AED 100,000.
Doka LLC based in the UAE mainland area is engaged into imports of construction frameworks (raw material). The cost of this material is AED 100,000. The insurance and freight is 1% and 2% of cost respectively. Keeping in view the rate of customs duty 5% and rate of VAT 5%, please calculate the amount of VAT reported by Doka LLC to the FTA under reverse charge basis on behalf of the foreign supplier.
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