Page 30 - Chapter 32 - VAT Part 2
P. 30
12.5.1. Payments exceeding consideration: s 8(27) & 16(3)(m)
- Deemed supply if vendor receives payment in excess of the
consideration that he charged for the taxable supply of
goods/services (at 14%);
• Raise output on surplus portion (x 14/114) if not refunded
within 4 months;
• If surplus refunded later (i.e. after output was charged), then
may claim additional input tax [s 16(3)(m)].
12.5.2. Value of supply [s 10(26)]
- Value = excess amount
12.5.3. Time of supply [s 8(27)]
- last day of the tax period during which that 4 month period
ends.
