Page 89 - ADVANCED TAXATION - Day 1 Slides
P. 89
Debit/Credit Notes When a
supply is
cancelled
Amount VAT on tax invoice < actual VAT charged = issue a debit note
Amount VAT on tax invoice > actual VAT charged = issue a credit note
Charged output tax Claimed input tax
on supply
previously previously
Δ in amount of output tax that Δ in amount of input tax that
should be charged (necessary should be claimed (necessary
documentation) documentation)
Output > Output < Input > Input <
Additional Claim Additional Pay output
output tax input tax input tax tax
