(1) Subject to sub rule 2 of this rule the tax payable on a taxable turnover is calculated by applying the rate of VAT specified in the Act on the "Sale Price(s)" of the transaction.

(2) Where the "Sale Price(s)" is inclusive of tax and the VAT payable shall be calculated by the Formula

where R is the rate of tax.

(3) The tax payable by a VAT dealer for a tax period shall be calculated by the Formula, X-Y where 'X' is a total of the VAT payable in respect of all taxable sales made by the VAT dealer during the tax period, and 'Y' is the total input tax credit the VAT dealer is eligible to claim in the tax period under the Act.