by panwa group | Oct 27, 2018 | 3.Accounting-Tax
VAT liability = Output Tax – Input Tax “Output Tax” is a tax collected or collectible by VAT registered person from his customers when goods or services are supplied.”Input Tax” is a tax charged by another registered person on any...
by panwa group | Oct 27, 2018 | 1.Services, 3.Accounting-Tax
VAT Refund or VAT Claim In each month, if input tax exceeds output tax, taxpayer can claim for the refund, either in form of cash or tax credit to be used in the following months. Therefore, in case of zero-rated, taxpayer will always be entitled to VAT refund. As...
