Question

Define Input Tax related to VAT.

Answer 1

ANSWER

• Input VAT is the value added tax added to the price when you purchase goods or services that are liable to VAT.
• If the person or businesses that is buying is registered for VAT they can deduct the amount of VAT paid from his/her settlement with the tax authorities.

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Answer 2

Step-by-step explanation:

Input VAT :::::

♥ it is a VAT that the business pays when purchasing goods and services or on anyother business expenses

♥ it is caluculated when we buy goods from a supplier

♥ Amount paid by a buyer as a percentage of gross purchase for goods or services used in production

♥ Input VAT is the value added tax added to the price when you purchase goods or services liable to VAT.

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