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.
Calculating VAT portion from Transaction Fee
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