How is vat calculated?
With the authority of regarding legislation article number 28, the decision of the Council of Ministers, vat is detected on some properties and services %18 vat is included to the uniform tax.
For the tax included %8 discounts, %8 vat is included as well.
“For the tax included % 1 discount, %1 vat is excluded” announced.
As mentioned above, the ones who retail, with the others who amortized service, in the documents of list, invoice, receipt and the other similar documents, are supposed to detect and show the amount including vat amount.
Tax cost multiples tax rate dividing 100 plus tax amount.
Apart from tax, including vat to be declared, multiples tax rate dividing 100 formulization is used for the calculations.
EXEMPLUM OF VAT CALCULATION
Exemplum 1: Including tax price, a commodity which costs 11.800 Lira, liable to %18 vat, the vat price for that commodity would be as follows,
11.800multiples 18 dividing 100 plus 18 is equivalent to 1.800 Lira
Exemplum 2: Including tax price, a commodity which costs 100.000 Lira, liable to %8 vat, the vat price for that commodity would be as follows,
100.000 multiples 8 dividing 100 is equivalent to 8.000 Lira.
Source:3065-VAT LAW and IMPLEMENTATION General Communique (26.04.2014)
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