Question

Ireland has a 23% VAT (value-added tax, similar to a sales tax). How much will the VAT be on a purchase of a €250 item?

Answer 1

To calculate the VAT on a purchase of a €250 item in Ireland, multiply the price by the VAT rate of 23% which is 57.50

Step-by-step explanation:

Cost of item = $250

Rate of VAT = 23%

To calculate the VAT on a purchase of a €250 item in Ireland, you need to multiply the price by the VAT rate.

The VAT rate is 23%, which can be written as 0.23 in decimal form.

So, the VAT amount would be:

VAT = €250 x 0.23 = €57.50

Therefore, the VAT on the €250 item would be €57.50.

Answer 2

Answer: The amount of VAT on a purchase of an item is $57.5.

Step-by-step explanation:

Since we have given that

Cost of item = $250

we need to find the amount of VAT.

Rate of VAT = 23%

So, amount of VAT would be

`(23)/(100)* 250\\\\=0.23* 250\\\\=\$57.5`

Hence, The amount of VAT on a purchase of an item is $57.5.