VAT Calculator
- jacksonkeil689
- Feb 26, 2020
- 1 min read
What is VAT?
Value added tax is consumer tax, so it applies to goods and services and is therefore also known as goods and services tax (GST), which is known in several countries as Singapore, Australia, Canada and New Zealand.
As the name suggests, the tax applies to "value added", which is the selling price of a product after deducting material costs and other taxable inputs. The other type of excise is known as sales tax.
How do you calculate VAT?
No VAT:
The formula for calculating VAT to exclude VAT is as follows: To calculate VAT by gross amount, you must divide the gross amount by 1 + VAT (eg if 15%, you must divide by 1.15). Then reduce the gross amount, multiply by -1 and round to the nearest value (including euro cents). The last two operations are optional because you can see the VAT value before doing it.
Simple business Simply multiply the net amount by 1 + VAT (that is, multiply by 1.15 if VAT is 15%) and you get a gross amount. Or multiply by VAT rate to get the value of VAT.
Comments