VAT Return Form
This example relates to the data from the previous unit.
Calculating the VAT return amount.
The amount is calculated by subtracting the results of column (B) from column (A)
OR (A) – (B)
Column A (Sales side) is calculated by adding the values for 5, 6 and 7.
Column B (Purchases and Expenses side) is calculated by adding the values for 10,11 and 12.
5 - VAT on Commercial Supplies made this period.
6 - VAT on Adjustment (Debit, Credit Note, Bad Debt)
7 - VAT on Insurance Indemnity Payments
10 - VAT on Commercial supplies received this period.
11 - Total Value of Imports excluding VAT.
12 - VAT on Imports