What comes to mind when we talk about excess, unutilized input value-added tax (VAT) that can be allowed as deduction to gross income for tax purposes are the following: input VAT from VAT exempt ...

Accounting for VAT by a business should be a simple exercise. You simply take the VAT charged by you on your sales, deduct the VAT charged to you by your suppliers, and pay the difference over to the ...

By: Recovering accumulated excess input value-added tax (VAT) has always put our VAT-registered taxpayers in a quandary on what is the best means to get back the excess tax payment when it amounts to ...

Effective cash flow management is critical to running a successful business. However, many companies overlook this fundamental principle, focusing primarily on revenue under the assumption that ...

Businesses often forgo input VAT credit if the purchase/expense invoice is more than 6 months old (or, 2 months in the case of monthly tax periods). Needless to say, such a tax position results in a ...

The Federal Tax Authority (FTA) has issued a public clarification (VATP028) on mobile phones, airtime, and data packages ('MP, A, DP' for ease of reference) made available to employees for business ...

The CREATE MORE law has been in effect for approximately six months, and it has already drawn renewed attention from foreign investors. The incentive framework it introduced has encouraged ...

Potential fraud such as the “missing trader” scheme, identify-theft tax evasion or claiming input VAT for non-qualifying expenses are probed. To address economic pressures, the government is ...