Suppose a racing bicycle costs R1 525.00 excluding VAT and R1 753.75 including VAT. What is the percentage of VAT charged? A.15%B.13%C.14%D.11%
Question
Solution 1
To find the VAT percentage, you need to follow these steps:
First, find the amount of VAT charged. This can be done by subtracting the cost of the bicycle excluding VAT from the cost including VAT.
So, R1 753.75 (including VAT) - R1 525.00 (excluding VAT) = R228.75 (VAT amount)
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