Page 146 - P6 Slide Taxation - Lecture Day 5 - VAT Part 1
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Adjustments (s 18)
N/A if input
Input was was denied
claimed
≤ 100% taxable
supplies 0% taxable supplies
Account for Output tax
MV x 15/115
AND
S16(3)(h)
Input tax
lower of cost/MV x
15/115 x % non taxable
use before adjustment
Lower of MV on date of change/MV on date of previous adjustment
