A tax paid by a VAT-registered business that can be recovered.
The VAT charged by a business is called output VAT. Input VAT is deducted from the output VAT on a return. The balance is then paid or reclaimed through customs and excise.
A tax paid by a VAT-registered business that can be recovered.
The VAT charged by a business is called output VAT. Input VAT is deducted from the output VAT on a return. The balance is then paid or reclaimed through customs and excise.