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QUESTION 1 a) Kuntu Ltd is a VAT registered trader dealing in manufacturing and sale of canned sh. Below is an extract from the books
QUESTION 1 a) Kuntu Ltd is a VAT registered trader dealing in manufacturing and sale of canned sh. Below is an extract from the books of the company for the month of February 2022. Taxable supply (VAT Inclusive) 655,875.00 Relief Supply 200,000.00 Exempt Supply 120,000.00 Taxable Inputs (VAT Inclusive) 696,937.50 Required: ii. Compute the total Value Added Tax and other related taxes payable or tax credit due to the company for the month of February 2022. (10 marks) If the company led their VAT returns on 31St October 2022, state the penalty for late ling of VAT returns and calculate the penalty due
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