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How to treat vat on fixed assets?

Accounting VAT Cost Accounting Financial Accounting
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Question added by Visal Joseph , Tax Manager , Al Mizan Tax Consultants L.L.C
Date Posted: 2017/03/06
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Naveed Zafar
by Naveed Zafar , Accountant , ALPHA ENTERPRISES PRIVATE LIMITED

VAT if irrecoverable charged on fixed assets is capitalized.

Rafi Ahamed Kidwai Mohamed saliq
by Rafi Ahamed Kidwai Mohamed saliq , State Tax Officer , State tax department

AS OFF MY KNOWLEDGE THERE IS NO VAT LIABILITY ON FIXED ASSETS. VAT LIABILITY IS ONLY FOR THE MOVABLE. IF YOU HAVE RECEIVED ANY LEASE RENT FROM THE FIXED ASSET IT SHOULD LIABLE UNDER VAT 

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