Page 10 - Chapter 32 VAT Part 1
P. 10

3.1. The accounting basis (s 15) – KL 3






    - Determines the timing of VAT payable/refundable



                      Invoice basis***Payments basis





        Account for VAT at on the first of:VAT is accounted for when:



                                     - invoice issued or                - Payment is made (purchases)
                                                                        - Payment is received (sales)

                                  - payment received





                 Compulsory for Co‟s & CC‟sRefer requirements: Silke










    ***Exception on „time of supply rules‟= with a TS of fixed property [s 9(3)(d)]

                                                                       = Connected persons [s 9(2)(a)]
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