VAT (Leaving Cert Mathematics): Flashcards
📚Flashcards
Practise the cards
9 cards from this deck
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Practise the cards
9 cards from this deck
VAT stands for
VAT stands for
Value-Added Tax
Type of tax VAT is
Type of tax VAT is
Indirect tax
Who ultimately bears VAT cost
Who ultimately bears VAT cost
End consumer
Stages where VAT is imposed
Stages where VAT is imposed
Every stage where value is added
VAT rate formula (both prices known)
VAT rate formula (both prices known)
Method: original price from VAT-inclusive price
Method: original price from VAT-inclusive price
Divide by total % (100 + VAT%), multiply by 100
Total % paid if price has 13.5% VAT
Total % paid if price has 13.5% VAT
113.5%
Original cost: €215.65 at 13.5% VAT
Original cost: €215.65 at 13.5% VAT
€190
VAT rate: €48 (with) vs €40 (without)
VAT rate: €48 (with) vs €40 (without)
20%