Taxation · Lesson 9 of 14

VAT: output tax, input tax, and the VAT payable computation

Register when the threshold is crossed, charge 12% output VAT on the right base, extract VAT from a VAT-inclusive price with the 12/112 fraction, claim creditable input VAT including the transitional and presumptive kinds, allocate unattributable input VAT across mixed transactions, and carry an excess input tax forward.

20 min read · Super Ea