Page 7 - F6 Slide - VAT Part 4 - Lecture Day 5
P. 7
Ceasing To Be A Vendor
Value of supply
NO output if
input was denied Account for output VAT on:
Outstanding balances owing
Goods
to suppliers ≤12 months
Lessor of: Only to the extent that input were
• cost OR claimed on the supply that gave
• open-MV on date ceasing rise to the outstanding balance
to be a vendor
Time of supply
immediately before the vendor ceases to be a vendor
