BusinessMirror

When VAT is a dead asset

Generally, it is only when a taxpayer is engaged in zero-rated sale that the input value-added tax attributable to such sale may be subject to a refund. This applies to input VAT (purchases) incurred ...
Khaleej Times

VAT: Incurring a financial loss by forgoing input credits?

Businesses often forgo input VAT credit if the purchase/expense invoice is more than 6 months old (or, 2 months in the case of monthly tax periods). Needless to say, such a tax position results in a ...
JD Supra

VAT Recovery Denied on Surrender of Option Agreement

A recent Tax Appeals Commission decision denied VAT input credit on the surrender of an option agreement related to a residential letting ...
manilatimes

Erroneously passed-on input VAT

IN last week's article, we discussed Revenue Memorandum Circular (RMC) 24-2022, which interpreted the rules on value-added tax (VAT) zero rating under the National Internal Revenue Code as amended by ...
AccountingWEB

Input VAT on prizes offered as a marketing ploy

Our client has a website which is his main trading platform.  In order to encourage customers to interact, he offers prizes - eg "enter this free ...
JD Supra

UK HC confirms HMRC should consider allowing input VAT recovery on robust alternative evidence—even where no VAT invoice exists

Hotelbeds UK Ltd operates as a wholesale supplier of hotel accommodation, purchasing rooms from UK VAT-registered hotels and reselling them to ...
AllAfrica.com

Namibia: Deemed Input VAT Changes

Windhoek — In this series of articles, Cameron Kotze - the Tax Partner at Ernst and Young - discusses some topical tax issues for our readers. THE 2007 Value-Added Tax Amendment Bill will amend the ...
BusinessMirror

Recovery of denied VAT and CWT refund

Many taxpayers have millions of pesos that are recorded in their books as unutilized input value-added tax or excess creditable withholding tax. Unfortunately, in many instances, they become paper ...
Daily Monitor

Why over-complicate a simple VAT system?

The ongoing fight between traders and the tax authorities is a clear indicator that the administration of Value Added Tax (VAT) has glaring gaps, which must be addressed to promote national ...
Khaleej Times

Taxing times ahead: Input VAT on mobile phone expenses

The Federal Tax Authority (FTA) has issued a public clarification (VATP028) on mobile phones, airtime, and data packages ('MP, A, DP' for ease of reference) made available to employees for business ...
中国日报网

Tax Reduction Effect of VAT for Business Tax across the Board: An Analysis Based on Input-Output Table(No.73, 2016)

Abstract: Since May 1, 2016, the pilot program of value-added tax (VAT) replacing business tax has been advanced across the board. This round of tax reform has witnessed quite different effects in ...
moneycontrol.com

Input Vat Credit Reversal On Inter State Sales Of Goods

TVS Motor Company gained more than 3 percent intraday Thursday. Brokerage house Goldman Sachs reiterated its conviction list-buy with target price of Rs 345, implying 34 percent upside after Tamil ...