Suppose a racing bicycle costs R1525.00 excluding VAT and R1753.75 including VAT.What is the percentage of VAT charged?

To find the percentage of VAT charged, we first need to calculate the amount of VAT charged.

VAT charged = R1753.75 - R1525.00
VAT charged = R228.75

Now, we can calculate the percentage of VAT charged:

Percentage of VAT charged = (VAT charged / R1525.00) * 100
Percentage of VAT charged = (R228.75 / R1525.00) * 100
Percentage of VAT charged = 15%

Therefore, the percentage of VAT charged on the racing bicycle is 15%.

Step 1: Calculate the amount of VAT

VAT amount = Total price including VAT - Price excluding VAT
VAT amount = R1753.75 - R1525.00
VAT amount = R228.75

Step 2: Calculate the percentage of VAT

Percentage of VAT = (VAT amount / Price excluding VAT) - 100%
Percentage of VAT = (R228.75 / R1525.00) - 100%
Percentage of VAT = 15%

Therefore, the percentage of VAT charged on the racing bicycle is 15%.