Author Topic: VAT Tax automatically calculated from Cost price  (Read 416 times)

giofranz

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VAT Tax automatically calculated from Cost price
« on: January 22, 2019, 17:47:15 pm »
Hi guys, is there any way i could set a round "Cost price" for products such as 10 and calculate VAT tax from it?
I need to get something like: 10% VAT tax from 10 = 1. Specifically i need that in invoice/checkout.
Currently i set "Cost price" without VAT tax i.e. 9 and I add the 10% VAT Tax to get 10. In this scenario if VAT Tax change I need to manually change every price!

In Italy IVA is 22% but it might change! Have you any suggestion? Thanks!

jjk

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Re: VAT Tax automatically calculated from Cost price
« Reply #1 on: January 22, 2019, 19:21:10 pm »
I need to get something like: 10% VAT tax from 10 = 1. Specifically i need that in invoice/checkout.

In that calculation your math is wrong. VAT is always added to the net price. If your net price is 9 Euro, the gross price with a 10% VAT rate is calculated as 9 x 1.1 = 9.90 Euro. Or if you want to calculate the VAT amount from the gross price, the calculation would be 10 Euro : 1.1 = 9.090909091 (net price) x 0.1 = 0.909090909 Euro (VAT amount).
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GJC Web Design

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Re: VAT Tax automatically calculated from Cost price
« Reply #2 on: January 22, 2019, 22:10:47 pm »
well.. filling the Final Price and checking "Calculate the cost price" does just this but this of course wont work to give u the same Final Price if the vat later changes
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giofranz

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Re: VAT Tax automatically calculated from Cost price
« Reply #3 on: January 23, 2019, 12:56:01 pm »
well.. filling the Final Price and checking "Calculate the cost price" does just this but this of course wont work to give u the same Final Price if the vat later changes
Hi GJC Web Design, thanks for the help! I was hoping for that, at least i know I'm not missing the option :-\