Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Business Law & Ethics Expert

Problem: You have recently received a letter from the managing director of a newly-created business (which will make no exempt supplies and will have no dealings outside Mauritius) requesting your help with matters concerning Value Added Tax (VAT). The following is extract from the letter:

a) We understand that some businesses are registered for VAT whilst others are not registered. We have only recently commenced trading and consider that it will take us about five years to reach full potential sales, which we envisage from Rs 1 m to Rs 50 m in that period. Could you please advise us of the position regarding registration?

b) Once we are registered, how should the VAT content of our income and expenditure be reflected in our budgets and final accounts at the year end?                               

c) When and how is VAT to be accounted for to Mauritius Revenue Authority (MRA) and what is the position if we should pay out more VAT than we charge?           

d) What records should be kept by us in order to satisfy the VAT Act?

Required:

Make a letter in response to the above requests.

Business Law & Ethics, Finance

  • Category:- Business Law & Ethics
  • Reference No.:- M96178

Have any Question? 


Related Questions in Business Law & Ethics

In a four to five page paper please discuss one of the

In a four to five page paper, please discuss one of the following topics in relation to the concepts covered in this course: The act of flag burning Protesting Burning of a Cross Ban on Prayer in the School System, Sport ...

Information security and digital crime and terrorism please

"Information Security and Digital Crime and Terrorism" Please respond to the following: From the first e-Activity, identify one to two (1-2) potential ethical challenges that security professionals may face as technology ...

Write a 400 to 700 word paper on the crowding effect the

Write a 400 to 700 word paper on the crowding effect the war on drugs has had on correctional organizations. Propose three workable solutions to the situation. Substantiate your solutions with appropriate facts and figur ...

Question 1 the seller can recover the purchase price for

Question 1 The seller can recover the purchase price for the goods only under certain circumstances, including when: The buyer accepts, but fails to pay for the goods. The goods are destroyed after risk of loss passes to ...

Questionmark sophia and ben are partners in a small book

Question Mark, Sophia and Ben are partners in a small book selling business called TWB Book. They have no written agreement. When they decided to open their business, it was agreed that each partner could purchase goods ...

Legal essaywrite an 800 to 1000 word legal essay on any of

Legal Essay Write an 800 to 1000 word legal essay on any of the following topics: Divorce Law (in your state), Child Custody (in your state), OR Divorce Mediation (in your state).

Questionwrite a report that covers the following1-

Question: Write a report that covers the following: 1- Explanation of the AAIOFI mandates, which is applied for selecting Shariah-compliant stocks for Islamic fund investment. 2- Analysis of the company's financial Repor ...

The sarbanes-oxley act of 2002 soxthe sarbanes-oxley act of

The Sarbanes-Oxley Act of 2002 (SOX) The Sarbanes-Oxley Act of 2002 (SOX) was passed as the result of the Enron scandal and other instances of accounting fraud. This act was passed to strengthen the role of the Securitie ...

Law enforcement agencies are a very attractive target when

Law enforcement agencies are a very attractive target when it comes to litigation. Thus, civil liability is a concern in American policing and will continue to be. Often, civil lawsuits against police are filed when they ...

Discussion response - 250 to 300 words to the message below

Discussion response - 250 to 300 words to the message below with your initial response including cited information from the text, readings, and other course related information to support your response. What is organizat ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen