Page 123 - ADVANCED TAXATION - Day 1 Slides
P. 123
Ceasing To Be A Vendor
Value of supply
NO output if Account for output VAT on:
input was denied
Outstanding balances owing
Goods
to suppliers ≤12 months
Lessor of: Only to the extent that input
• cost OR were claimed on the supply that
• open-MV on date ceasing gave rise to the outstanding
to be a vendor balance
Time of supply
immediately before the vendor ceases to be a
vendor
