The right to deduct VAT arises when the tax becomes chargeable (output VAT).
As an exception, for purchases made by taxable persons that use the VAT cash accounting system (see 41.52), the right to deduct VAT is deferred until the date that the tax for the goods and services that have been delivered/rendered is paid to the suppliers.
Any taxable person is entitled to VAT deductions relating to:
- Ìý
•ÌýÌýÌýÌý goods already supplied or to be supplied to another taxable person; and
- Ìý
•ÌýÌýÌýÌý services already supplied or to be provided by another taxable person.
VAT deductions apply to VAT paid on imported goods if such goods are intended for:
- Ìý
•ÌýÌýÌýÌý taxable operations;
- Ìý
•
To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to Tolley+™ Research or register for a free trial
Web page updated on 17 Mar 2025 13:14