Value Added Tax (VAT) is levied on most business transactions and on many goods and some services. BBC News explains how VAT works and who has to pay it. There are three rates of VAT in the UK: the ...
Section 110(A) of the Tax Code, as amended, identifies the transactions creditable against output tax. Among the transactions are the purchase or importation of goods for sale, for conversion into or ...
One significant amendment introduced by the Ease of Paying Taxes (EOPT) Act is the seller’s right to deduct and claim output value-added tax (VAT) credit on uncollected receivables, subject only to ...
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