Business Terms and Jargon Explained

What is Deductible VAT

Tax Definition:-

Deductible VAT is the VAT payable on purchases of goods or services, intended for intermediate consumption, gross fixed capital formation or for resale, which a producer is permitted to deduct from their own VAT liability to the government in respect of VAT invoiced to their customers..

Crown Copyright. Material taken from National Statistics website: Reproduced under the terms and conditions of the Click-Use Licence.

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Term created / updated 2007-01-19 00:25:31

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