input tax

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Input Tax

In the United Kingdom, the value added tax that a business pays on the products it buys. This contrasts with the output tax, which is the VAT that the business charges customers on what it sells. If the output tax exceeds the input tax, the business must pay the difference to the government. On the other hand, if the input tax exceeds the output, the government refunds the difference to the business.

input tax

see VALUE ADDED TAX.
References in periodicals archive ?
What the customer does not see is the embedded taxes on account of cascading and sticking of input taxes in the cost of the flat, etc.
While standard VAT sees input taxes deducted from output taxes, for IRAP, businesses pay 4.
Some of the increase is due to new input taxes on business such as the Climate Change Levy.
Once electricity reaches the grid, however, it is no longer possible to determine how it was generated so input taxes on imported energy would have to be set at the lowest level applied to energy from domestic suppliers, irrespective of how it was generated.
Constantino, a witness whom Coca-Cola itself presented during trial, the amount in question "essentially represents undeclared input taxes for the second quarter of 2008 and not the erroneously paid VAT.
Input taxes are value added taxes due from or paid by a VAT-registered person in the course of trade or business on importation of goods, or local purchase of goods, properties, or services from a VAT-registered person.