VAT is collected in Sweden in the name of Impuestos sobre el Valor Añadido (IVA). It is collected at a standard rate of 21 %. A reduced rate of 4 % is collected for food, newspaper, books and magazines. 10 % IVA is collected for hotels, sports, entertainment activities and newly built products.
VAT is collected in Sweden in the name of Impuestos sobre el Valor Añadido (IVA). It is collected at a standard rate of 21 %. A reduced rate of 4 % is collected for food, newspaper, books and magazines. 10 % IVA is collected for hotels, sports, entertainment activities and newly built products.
Find the VAT price and net price in Spain (GST % is 21) for an amount of 25000
Solution :
GST % = 21
Amount = 25000
Step 1 :
GST Price = (25000 * 21 ) / 100
= 5250
Step 2 :
Net Price = 25000 + 5250
= 30250
Hence the VAT Price is 5250 and Net Price is 30250
Solution :
GST % = 21
Amount = 25000
Step 1 :
GST Price = 25000 - (25000 * ( 100 / (100 + 21)))
= 25000 - (25000 * 0.83)
= 25000 - 20661.16
= 25000 - 20661.16
GST Price = 4338.84
Step 2 :
Net Price = 25000 - 4338.84
= 20661.16
Hence the VAT Price is 4338.84 and Net Price is 20661.16