Page 142 - P6 Slide Taxation - Lecture Day 5 - VAT Part 1
P. 142
No apportionment of output tax
Vendor acquires goods/services partly for making taxable
supplies
k
When he sells the goods – FULL consideration will be subject
to VAT
2 EXCEPTIONS:
• Fringe benefits
• Indemnity payments
(Only to the extent it relates to taxable
supplies)
