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The assessment is based on the VAT flat rate of 3% with the assumptions that, traders' price quotations are VAT/NHIL/GetFund Levy inclusive.
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From the example above, to extract the tax component, we apply the following:
(3/103) x =
To obtain the VAT component, apply (5/7) to the tax amount.
From the example above, to extract the VAT component:
(5/7) x =
(1/7) x =