Calculating VAT portion from Transaction Fee

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taher
Posts: 2
Joined: Thu Aug 22, 2013 9:30 am

Calculating VAT portion from Transaction Fee

Post by taher » Tue Jul 15, 2014 6:54 am

Hi

I am really struggling to calculate the VAT in a transaction fee. Remember that VAT is contained in the transaction fee unlike GST which need to be added to the transaction fee.

Scenario:

I am sending 100 units from one user to another.
The transaction fee is 5%
This means that the nett effect of the transfer between the 2 users is 95 units
There is 5 units that are transferred to a fees account.

Now; if VAT is 14% and the 5 units that is changed as a transaction fee includes the vat, how do I run a new transaction that will extract the 14% vat portion and transfer it to another account?

Thanks in advance for any assistance offered and please feel free to contact me if you require any clarity.

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