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Which is wrong?    The term creditable input VAT means input VAT deductible from output VAT. Input VAT on personal consumption are creditable against output VAT. Only input VAT for purchase of goods or services in the course of business is creditable. Input VAT needs to be

Which is wrong?    The term creditable input VAT means input VAT deductible from output VAT. Input VAT on personal consumption are creditable against output VAT. Only input VAT for purchase of goods or services in the course of business is creditable. Input VAT needs to be

FINANCIAL ACCOUNTING
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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Which is wrong? 

 

The term creditable input VAT means input VAT deductible from output VAT.

Input VAT on personal consumption are creditable against output VAT.

Only input VAT for purchase of goods or services in the course of business is creditable.

Input VAT needs to be evidenced by a VAT invoice or VAT official receipt to be creditable.

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