Posts tagged [Input VAT]

  • Input VAT – Simple Basic Rules

    Input VAT – Simple Basic Rules

    Did you know that you have 5 years in which to claim Input Vat?

    However, Input Tax may not be deducted / claimed from:

    • Goods or services acquired for purposes of entertainment i.e. business lunches; golf days; sporting events; membership fees
    • Interest
    • Fuel
    • Staff Welfare expenses i.e. year-end lunches & parties; venue hire for these functions ; teas & coffees provided to staff
    • Transport costs i.e. bus; taxi; train
    • Hiring & purchase of a motor car (see below definition of term “motor car”)
    • Municipal Rates
    • Private expenses allocated to loan accounts
    • Medical Aid Schemes or Benefit Funds

    Read More