VAT Calculator Chile

Chile's VAT is also known as IVA (Impuesto al Valor Agregado). IVA rate is 19 % as on 2015 and it is expected to increase in the upcoming years. A benefit is provided to the foreigners and tourists. They need not pay IVA if they stay in hotels for less than 60 days and if the hotel is registered with tax office of Chile. Also some more exceptions are there to use this benefit. For all other purchases, tax will be collected, which is included in the price of the products itself.

Chile IVA Calculation

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Chile's VAT is also known as IVA (Impuesto al Valor Agregado). IVA rate is 19 % as on 2015 and it is expected to increase in the upcoming years. A benefit is provided to the foreigners and tourists. They need not pay IVA if they stay in hotels for less than 60 days and if the hotel is registered with tax office of Chile. Also some more exceptions are there to use this benefit. For all other purchases, tax will be collected, which is included in the price of the products itself.

Formula:

Add Tax Tax Amount = ( Original Cost * VAT% ) / 100 Net Price = Original Cost + Tax Amount
Remove Tax Tax Amount = Original Cost - ( Original Cost * ( 100 / ( 100 + VAT% ) ) ) Net Price = Original Cost - Tax Amount

Example

Find the VAT price and net price in Chile (GST % is 19) for an amount of 25000 $

Add Tax

Solution :
GST % = 19
Amount = 25000

Step 1 :
GST Price = (25000 * 19 ) / 100
     = 4750 $

Step 2 :
Net Price = 25000 + 4750
     = 29750 $

Hence the VAT Price is 4750 $ and Net Price is 29750 $

Remove Tax

Solution :
GST % = 19
Amount = 25000

Step 1 :
GST Price = 25000 - (25000 * ( 100 / (100 + 19)))
                 = 25000 - (25000 * 0.84)
                 = 25000 - 21008.4
                 = 25000 - 21008.4
GST Price = 3991.6 $

Step 2 :
Net Price = 25000 - 3991.6
                = 21008.4 $

Hence the VAT Price is 3991.6 $ and Net Price is 21008.4 $


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