Page 166 - P6 Slide Taxation - Lecture Day 5 - VAT Part 1

Adjustments: Irrecoverable debts

Vendor who does not pay his creditors within 12 months

Vendor (invoice basis) – claimed input tax (eg. Purchases)

Full consideration not paid within 12 months from end of tax

period deduction was claimed

Account for output tax of 15/115 x unpaid consideration