Page 90 - P6 Slide Taxation - Lecture Day 5 - VAT Part 1

Deemed input tax on second-hand goods (ss 1,

18(8) and 20(8))

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