ABC Juice Limited manufactures and sells juice locally in St. Lucia and in the Caribbean. The business is VAT registered with tax authorities in St. Lucia. The company has recorded the following transactions in January 2020: - Sales to local customers - $1,300,000 (VAT inclusive) - Sales to local customers - $1,000,000 (VAT exclusive) - Sales to customers located abroad - $700,000 - Purchases $750,000

ABC Juice Limited manufactures and sells juice locally in St. Lucia and in the Caribbean. The business is VAT registered with tax authorities in St. Lucia. The company has recorded the following transactions in January 2020: - Sales to local customers - $1,300,000 (VAT inclusive) - Sales to local customers - $1,000,000 (VAT exclusive) - Sales to customers located abroad - $700,000 - Purchases $750,000

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter15: Choice Of Business Entity—other Considerations

Section: Chapter Questions

Problem 82P

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3(b) ABC Juice Limited manufactures and sells juice locally in St. Lucia and in theCaribbean. The business is VAT registered with tax authorities in St. Lucia. The companyhas recorded the following transactions in January 2020:- Sales to local customers - $1,500,000 (VAT inclusive)- Sales to local customers - $1,200,00 (VAT exclusive)- Sales to exempt suppliers - $100,000- Export Sales - $700,000- Purchases $800,000 (VAT inclusive)- Purchases $600,000 (VAT exclusive)- Value of Imports of $60,000. VAT paid at Customs $18,000- Prior month adjustment relating to volume discounts – Reduction in Output Taxof $6,000.Calculate the VAT payable/refundable for January 2020
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