Irrecoverable Input VAT

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Definitions
Input Tax
Input Tax VAT Taxable Person Irrecoverable Input VAT Output Tax Taxation Accounting
Input tax is the Value Added Tax (VAT) paid by a taxable person when purchasing goods or services from a VAT-registered trader. It is used to offset the output tax to determine the final VAT payable to tax authorities.
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Definitions
Irrecoverable Input VAT
Irrecoverable Input VAT VAT Input Tax Exempt Supplies Taxation Accounting Indirect Taxes
Irrecoverable Input VAT refers to the Value-Added Tax (VAT) paid on items acquired to produce exempt supplies and cannot be reclaimed or offset against output tax.
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