ABC Juice Limited manufactures and sells juice locally in Trinidad and in the Caribbean. The business is VAT registered with tax authorities in Trinidad. The company has recorded the following transactions in February 2022: - Sales to local customers - $1,300,000 (VAT inclusive) - Sales to local customers - $1,000,00 (VAT exclusive) - Sales to customers located aboard - $700,000 - Purchases $750,000 (VAT inclusive) - Purchases $500,000 (VAT exclusive) - Imports of $75,000 inclusive of J$15,000 VAT Calculate the GCT payable/refundable for February 2022? When should ABC file this VAT Return?

ABC Juice Limited manufactures and sells juice locally in Trinidad and in the Caribbean. The business is VAT registered with tax authorities in Trinidad. The company has recorded the following transactions in February 2022: - Sales to local customers - $1,300,000 (VAT inclusive) - Sales to local customers - $1,000,00 (VAT exclusive) - Sales to customers located aboard - $700,000 - Purchases $750,000 (VAT inclusive) - Purchases $500,000 (VAT exclusive) - Imports of $75,000 inclusive of J$15,000 VAT Calculate the GCT payable/refundable for February 2022? When should ABC file this VAT Return?

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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