VAT Calculator Dominican Republic

VAT is called as Impuesto a la Transferencia de Bienes Industrializados y Servicios in Dominican Republic. Dominican Republic Law 253-12 has announced a change in the sales tax rates in the year 2014. According to the law, the standard rate for Dominican Republic VAT has been reduced to 16 % from 18 % and the reduced rate has been increased to 13 % from 11 %.

Other Countries
Australia   Argentina   Brazil   Canada   Denmark    Egypt    Finland    France    Germany    Greece    Hungary    Italy    Indonesia    India    Japan    China    Malaysia    Mexico    Netherlands    New-Zealand    Russia    Singapore    Spain    South Africa    Switzerland    Thailand    United Kingdom    United States    Vietnam   

VAT is called as Impuesto a la Transferencia de Bienes Industrializados y Servicios in Dominican Republic. Dominican Republic Law 253-12 has announced a change in the sales tax rates in the year 2014. According to the law, the standard rate for Dominican Republic VAT has been reduced to 16 % from 18 % and the reduced rate has been increased to 13 % from 11 %.

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

The standard rate is applied to most of the goods and services and the exportation is exempted from the tax. The reduced rate is applied to the foods like dairy products, sugar, coffee, vegetable fats, animal fats, chocolate etc.,

Example

Find the VAT price and net price in Dominican Republic (GST % is 18) for an amount of 25000

Add Tax

Solution :
GST % = 18
Amount = 25000

Step 1 :
GST Price = (25000 * 18 ) / 100
     = 4500

Step 2 :
Net Price = 25000 + 4500
     = 29500

Hence the VAT Price is 4500 and Net Price is 29500

Remove Tax

Solution :
GST % = 18
Amount = 25000

Step 1 :
GST Price = 25000 - (25000 * ( 100 / (100 + 18)))
                 = 25000 - (25000 * 0.85)
                 = 25000 - 21186.44
                 = 25000 - 21186.44
GST Price = 3813.56

Step 2 :
Net Price = 25000 - 3813.56
                = 21186.44

Hence the VAT Price is 3813.56 and Net Price is 21186.44

The standard rate is applied to most of the goods and services and the exportation is exempted from the tax. The reduced rate is applied to the foods like dairy products, sugar, coffee, vegetable fats, animal fats, chocolate etc.,


english Calculators and Converters

Ask a Question


Sitemap