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Describe Output VAT and Input VAT?

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Question added by Saji George , Finance Manager , MOUNT OF LIGHT MEDICAL COMPANY LTD
Date Posted: 2017/12/05
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Saji George
by Saji George , Finance Manager , MOUNT OF LIGHT MEDICAL COMPANY LTD

Output Tax - VAT collected by a registered taxable person (Supplier). ie VAT collected on taxpayer's sales.

Input Tax - VAT paid on a taxable supply of goods and services. ie VAT Paid on a taxpayer's purchase. 

 

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