Who is responsible for accounting for VAT in a drop-shipping arrangement?

Oct 10, 2024 ... A Value-Added Tax (VAT) credit note is a document issued by a supplier to a customer. A credit note reflects a discount or reduction in the ... Jun 13, 2023 ... Taxpayers are not entitled to credit 16% VAT paid to suppliers if the VAT is paid by offsetting receivables against payables between the parties to a ... corresponding credits as well as the tax returns that will be required under the value added tax (“VAT”) regime. In order to make it more easy to explain and ... It may come in local tender or as a charge back on your credit card. While you may have to jump through hoops to qualify for your VAT refund, a credit card with ... ... credit) and tax that he charged (output tax), and the total purchases and the tax he was charged (input tax). He then subtracts the tax on purchases (both ... additional VAT payable in respect of the supply;. (b) the recipient shall be allowed an input tax credit for the additional VAT specified in the debit note ... Nov 27, 2023 ... The input taxes being refunded must not be transitional, must be due or paid, must be attributable to zero-rated or effectively zero-rated sales ... Whilst a VAT is premised on the principle that refunds are paid timeously, the reality of fraudulent refund claims as well as the claiming of input tax ... Input VAT that is not creditable shall be aggregated with costs to calculate corporate income tax, or aggregated with costs of fixed assets. A credit-method value-added tax, a payroll tax, and a business-level wage subsidy can approximate the economic and distributional consequences of a ...