Question
Part A Discuss the VAT regime in Trinidad and the impact of VAT on the countrys economy. A good paper should cover, but not limited,
Part A
Discuss the VAT regime in Trinidad and the impact of VAT on the countrys economy.
A good paper should cover, but not limited, to the following:
VAT registration
Time of supply
Place of supply
VAT rates
VAT Filing requirements & reporting obligations
Penalties
Legislative Authority of VAT
Ensure that all sources are properly referenced. (10 marks)
Part B
ABC Juice Limited manufactures and sells juice locally in Trinidad and in the Caribbean. The business is VAT registered with tax authorities in Trinidad.
The company has recorded the following transactions in February 2022:
- Sales to local customers - $1,300,000 (VAT inclusive)
- Sales to local customers - $1,000,00 (VAT exclusive)
- Sales to customers located aboard - $700,000
- Purchases $750,000 (VAT inclusive) - Purchases $500,000 (VAT exclusive)
- Imports of $75,000 inclusive of J$15,000 VAT
Calculate the GCT payable/refundable for February 2022?
When should ABC file this VAT Return?
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