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# Monaco VAT Calculator

The commonly applied Value Added Tax rates in Monaco are the usual rate of 20% and the reduced rate of 10%. However some basic products are rated 5.5%. Earlier the usual rate is 7% and the reduced rate is 19.6% which has been raised to the new value with effect from January 1st 2014.

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The commonly applied Value Added Tax rates in Monaco are the usual rate of 20% and the reduced rate of 10%. However some basic products are rated 5.5%. Earlier the usual rate is 7% and the reduced rate is 19.6% which has been raised to the new value with effect from January 1st 2014.

#### 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 Monaco (GST % is 20) for an amount of 25000 €

Solution :
GST % = 20
Amount = 25000

Step 1 :
GST Price = (25000 * 20 ) / 100
= 5000 €

Step 2 :
Net Price = 25000 + 5000
= 30000 €

Hence the VAT Price is 5000 € and Net Price is 30000 €

#### Remove Tax

Solution :
GST % = 20
Amount = 25000

Step 1 :
GST Price = 25000 - (25000 * ( 100 / (100 + 20)))
= 25000 - (25000 * 0.83)
= 25000 - 20833.33
= 25000 - 20833.33
GST Price = 4166.67 €

Step 2 :
Net Price = 25000 - 4166.67
= 20833.33 €

Hence the VAT Price is 4166.67 € and Net Price is 20833.33 €