Assuming that we are a registered VAT vendor, when we make a purchase from a non-VAT vendor we cannot claim any VAT input from the purchase due to the fact that no VAT was charged on the supply by the supplier who is a non-VAT vendor.
There is no such term as gross of VAT. The amount with VAT is called the gross amount while the net of VAT is the amount after the VAT has been deducted.
According to IFRS IAS #16:"The cost of an item of property, plant and equipment comprises:(a) its purchase price, including import duties and non-refundable purchasetaxes, after deducting trade discounts and rebates."If you are using the VAT input paid on equipment as a credit against the future VAT output received on sales, you would book the equipment cost net of VAT.
vat exclusive
The difference between vat exclusive and vat inclusive is that vat exclusive is the price before tax is added on. Vat inclusive is the price after tax has been added on.
Multiply the pre-VAT amount by 0.12
Assuming that we are a registered VAT vendor, when we make a purchase from a non-VAT vendor we cannot claim any VAT input from the purchase due to the fact that no VAT was charged on the supply by the supplier who is a non-VAT vendor.
Yes.
5% on non electronic and 12.5% on electronic toys!
Can i claim VAT back on a 14-seater kombi used by a non-profit organisation for outreach purposes not for transporting passengers for gain
I GB = 1024 MB, so u can easily compute the value of 4.37GB.
The types of VAT........ 1 ) INPUT VAT @ 4 % 2 ) INPUT VAT @ 1 % 3 ) INPUT VAT @ 12.5 % 4 ) OUTPUT VAT @ 1 % 5 ) OUTPUT VAT @ 4 % 6 ) OUTPUT VAT @ 12.5 %
there is no solution of this problem...........that's it..........
There is no such term as gross of VAT. The amount with VAT is called the gross amount while the net of VAT is the amount after the VAT has been deducted.
A non-profit business or sometimes called a non-profit organization, is a organization that does any kind of volunteer work without getting paid for the work that was done
VAT that is charged by a business and paid by its customers is known as "output VAT" (that is, VAT on its output supplies). VAT that is paid by a business to other businesses on the supplies that it receives is known as "input VAT
According to IFRS IAS #16:"The cost of an item of property, plant and equipment comprises:(a) its purchase price, including import duties and non-refundable purchasetaxes, after deducting trade discounts and rebates."If you are using the VAT input paid on equipment as a credit against the future VAT output received on sales, you would book the equipment cost net of VAT.