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

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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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