Which is not correct? The sale of VAT registrable persons are not subject to VAT and input VAT is also not allowed. The sale of VAT registrable persons are subject to output VAT and input VAT is allowed.

Which is not correct? The sale of VAT registrable persons are not subject to VAT and input VAT is also not allowed. The sale of VAT registrable persons are subject to output VAT and input VAT is allowed.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Which is not correct?

The sale of VAT registrable persons are not subject to VAT and input VAT is also not allowed.

The sale of VAT registrable persons are subject to output VAT and input VAT is allowed.

The sale of non-VAT registered person who issued VAT receipts or invoices are allowed to credit input VAT.

All of the above

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