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VAT - Coggle Diagram
VAT
Sale of GC
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Where there is a formula, explicitly state that:
- Reduce total amount with 1, then VAT output =0%
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- State the vat denied/ exempt supplies
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s16, 18 and all sections with formulas
Things to note
VAT output claimed on FB, should be deducted as s11(a)
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2.When you export the good, you have to pay VAT output to the extent that you claimed notion input
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If % use =100%, show calcs of you multiplying by 100%
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Fringe benefit
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Par 5. Assets acquired for less than MV, The difference =FB
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Lessons
- ITA [s22(8)] recoup= Amount -Vat adj
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- When s22(8) is applicable, it triggers VAT adj
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Even if you are told sth is electronic service, PROVE that it is an entreprice!
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