VAT Rate in South Africa is 15%
VAT to be paid:
15% of (68400+50000) = R17760
VAT that can be reclaimed:
15% of (10000+2680) = R1902
[There is no VAT charged on bank charges, entertainment expenses and interest on overdraft. So, no VAT to reclaim]
VAT payable: R17760 - R1902 = R15858
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