Page 100 - ADVANCED TAXATION - Day 1 Slides

Deemed Input Tax On Second-hand Goods (Ss

1, 18(8) And 20(8))
100

Goods previously
owned and used

Excl. animals and goods
containing gold

 Second-hand goods

 Acquired from a non-vendor in SA

 May claim deemed input VAT Incl.
VAT

 14/114 x lessor of purchase price/open-MV

(even though no VAT has been paid)

 Claimed to the extent payment has been made