Bank lends Consumer $1,000 and Business $10,000 from funds received from depositors. Bank collects $150 interest from
Question:
Bank lends Consumer $1,000 and Business $10,000 from funds received from depositors. Bank collects $150 interest from Consumer and $1,000 interest from Business. Bank pays depositors $770 interest on deposits of $11,000. If the VAT is imposed on the value of financial intermediation services rendered by Bank, what should Bank’s VAT base be and how should it be calculated?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Value Added Tax A Comparative Approach
ISBN: 9780521616560
1st Edition
Authors: Alan Schenk, Oliver Oldman
Question Posted: