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Do we record the VAT inclusive amount in our books of accounts?

Posted 11 May 2016

GEE says:
11 May 2016 at 14:17

Do we record a Vat inclusive amount in the purchase account? e.g.. Purchased equipment for R108 300(inclusive of VAT) on credit, or do we just record the amount exclusive of VAT.

TaxTim TaxTim says:
11 May 2016 at 18:48

Exclusive of VAT as the VAT will be claimed from SARS.

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