On August 12, China released a draft version of regulations to implement the new value-added tax (VAT) law and opened a public consultation period. The draft of the implementation regulations for ...

It sought a refund from the Bureau of Internal Revenue for unutilized input VAT it paid for goods and services used outside the PEZA zone. Businesses generally pay VAT on the goods and services they ...

Doing so would restore their output VAT liability, which is essential to offset the significant input VAT they accumulate—especially since DMEs are not exempt from VAT on importation.

Businesses are being advised to separately account for all VAT on the purchases/expenses where the input credit has not been recovered.

KRA primarily validates the accuracy of VAT returns by checking whether input and output VAT are correctly reported and reconciled.

Input VAT claim for commercial property let out to independent third party tenants Landlord (a company) opts to tax to the commericla property it owns, and it lets out the commerical property to ...

Section 110(A) of the Tax Code, as amended, identifies the transactions creditable against output tax. Among the transactions are the purchase or importation of goods for sale, for conversion into ...

Furthermore, the purchase of services on which a value-added tax (VAT) has accrued shall also be creditable against output tax. These instances were especially highlighted in a recently decided ...

In Belgium, the processing of any activity that involves the payment of VAT requires the registration of the company for VAT purposes. This is compulsory within 30 days of the first taxable activity.

How much is VAT in Europe? Depending on where you’re shopping, different VAT rates apply. Even within the border-free Schengen grouping, VAT rates aren’t standardised and each country has its own ...