Gambia VAT Calculator

The Value Added Tax in Gambia stands at 15% since 1 Jan 2013. The standard rate of tax is 15% on all taxable supplies made in Gambia and on imports. Exports are taxed at 0% as the value added tax is "destination based". Goods and services, which are exempt from VAT are basic foods such as rice, flour, sugar and milk, education services, medical, dental, optical and veterinary services, prescription drugs, rental of residential property, etc.

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The Value Added Tax in Gambia stands at 15% since 1 Jan 2013. The standard rate of tax is 15% on all taxable supplies made in Gambia and on imports. Exports are taxed at 0% as the value added tax is "destination based". Goods and services, which are exempt from VAT are basic foods such as rice, flour, sugar and milk, education services, medical, dental, optical and veterinary services, prescription drugs, rental of residential property, etc.

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 The Gambia (GST % is 15) for an amount of 25000

Add Tax

Solution :
GST % = 15
Amount = 25000

Step 1 :
GST Price = (25000 * 15 ) / 100
     = 3750

Step 2 :
Net Price = 25000 + 3750
     = 28750

Hence the VAT Price is 3750 and Net Price is 28750

Remove Tax

Solution :
GST % = 15
Amount = 25000

Step 1 :
GST Price = 25000 - (25000 * ( 100 / (100 + 15)))
                 = 25000 - (25000 * 0.87)
                 = 25000 - 21739.13
                 = 25000 - 21739.13
GST Price = 3260.87

Step 2 :
Net Price = 25000 - 3260.87
                = 21739.13

Hence the VAT Price is 3260.87 and Net Price is 21739.13


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