What are the VAT implications of transferring a business as a going concern (TOGC)?

Aug 8, 2024 ... Ultimately, however, the success of a VAT refund claim hinges on the documentation of the input VAT credits. Since the same documents are ... In the case of any such excess credits arising after 23rd of July 2019 a registered person may apply for an offset/refund within a period of 24 months from the ... sales receipts, VAT credit notes and VAT debit notes. It should be read in conjunction with the Value Added Tax Act, 2014, as amended (“VAT Act or the Act”), ... Jul 5, 2024 ... Conversely, if the goods previously sold were returned by the buyer and the seller has claimed output VAT credit on uncollected receivables, no ... ... value added tax (VAT). ... The fee is payable either in cash (equivalent in US-$ according to the daily exchange rate) or by internationally accepted credit ... Nov 16, 2004 ... Rima's application of VAT credits towards input purchases as a ... Rima collected, resulting in a VAT credit balance. See id. at 12-. 13 ... As an exception, VAT rates below 6% are also available to some specific business segments under a simplified VAT filing method (in which input VAT is not ... The vendor will also be entitled to deduct VAT charged to it (input tax) when incurred for making taxable supplies. Under limited circumstances a vendor may ... Apr 20, 2023 ... The concept of VAT revolves around two main components: input VAT and output VAT. Generally speaking, input VAT is the tax a business pays on ... Mar 6, 2023 ... How to request a refund of a deductible VAT credit which cannot be offset.