Page 4 - F6 Slide - VAT Part 5 - Lecture Day 5
P. 4
Adjustments (s 18)
N/A if input
Input was was denied
claimed
≤ 100% taxable
supplies 0% taxable supplies
Account for Output tax
MV x 14/114
AND
S16(3)(h)
Input tax
lower of cost/MV x
14/114 x % non taxable
use before adjustment
Lower of MV on date of change/MV on date of previous adjustment
