Commentaries

VAT Memo


PART 3
Input tax

 CHAPTER 1  Deductible input tax 

1800
As VAT is a tax on consumption, registered businesses which are intermediaries in the supply chain should not suffer VAT on their expenditure. The basic idea is that a trader who charges output tax (¶40) can recover any input tax suffered.
However, as VAT is not chargeable on exempt supplies, the related input tax cannot be recovered. There are special rules for traders who make both taxable and exempt supplies (¶2070).
In this Part of V...

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