Page 31 - P6 Slide Taxation - Lecture Day 3 - VAT Part 1
P. 31
Imported services (continues…)
• Time of supply:
• [s 14(2)] earlier of…
• issue of an invoice or
• the making of any payment by recipient
• Value of the supply:
• [s 14(3)] greater of…
• consideration or =
• open-market value
• What are the journal entries for the importer of services?
• What is the income tax implication for VAT charged on an
imported service that is not allowed as input VAT?
