Input VAT

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Definitions
Option to Tax (Election to Waive Exemption)
Option to Tax Value-Added Tax (VAT) Exempt Supplies Input VAT Output Tax Real Estate Property Taxes
An irrevocable election made by a landlord to charge value added tax on exempt supplies of buildings (rents). This enables the otherwise irrecoverable input VAT on costs relating to the property to be reclaimed by the landlord against the output tax charged on the rents.
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