4POS has been around since 2002...
Would have imagined that by now we have earned some credibility....
VAT is calculated by taking the inclusive selling price of an item & dividing it by the VAT percentage over 100+ VAT
In other words... If your item sells for R100 at a VAT rate of 15% : 100/1.15 = The excluding price of the item which is R86.96
The VAT is in other words the difference : 100.00 - 86.96 = R13.04 Meaning the VAT included in the R100 selling price is R13.04
Now, lets do the same calculation on a 13% (Botswana)
P100 / 1.13 = P88.50 (The excluding price of the item)
VAT : P11.50
