How much vat does the retailer pay

Reference no: EM132723247

Problem 1: A retailer buys an article from the wholesaler at RO 240 and the wholesaler charges a sales tax at the rate prescribed rate of 8%. The retailer fixes the price at RO 300 and charges sales tax at the same rate. Apply VAT system of sales tax calculation to answer the following. What is the price that a consumer has to pay to buy the article? Find the input tax and output tax for the retailer. How much VAT does the retailer pay to the government?

Reference no: EM132723247

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