QUESTION ONE [40] Magna (Pty) Ltd ("Magna" or "the company") operates as a manufacturer of car parts that are supplied to both local and foreign customers. The company is a registered Value-Added Tax (VAT) vendor (category B). The following income and expenditure amounts, inclusive of VAT where applicable, have been extracted for the tax period 1 January 2022 to 29 February 2022 : NOTES 1. The company is in possession of all export sales documents as required by the South African Revenue Service ("SARS"). 2. The bad debts recovered by Magna during the tax period are broken down as follows: 3. The insurance payout was received from the company's insurer in respect of a delivery truck that was stolen from the company's premises in December 2021. The truck was never recovered and the payment received represents the full settlement amount from the insurer. 4. All purchases are from registered VAT vendors. 5. A new motor car was purchased by the company on 1 February 2022 at a cost R346 150 (including VAT) and use of the vehicle was immediately granted to the company's financial director. All costs in relation to the car are borme by the company. 6. Fuel costs for the period are broken down as follows: 7. All repairs and maintenance costs incurred for the period relate to the delivery trucks. 8. The insurance expense includes an amount of R690 relating to the insurance on the new motor car (note 5 ). 9. The bad debt written-off for R23 230 was for an amount owing by a local customer for goods invoiced and delivered in October 2021. Magna has been unable to recover the debt since the debtor was liquidated. 10. Sundry purchases comprise of tea, coffee and sugar purchased for use by staff in the staff kitchen. Required Calculate the VAT payable by, or refundable to Magna (Pty) Ltd for its tax period 1 January 2022 to 29 February 2022. Where there are no VAT consequences, provide a brief reason why. A VAT rate of 15% applied throughout the applicable tax period on standard-rated good and services. Round off to the nearest Rand