input tax


Also found in: Legal.

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 ?
A comprehensive analysis of the HST recapture of input tax credit requirements and scheduled phase-out in Ontario and Prince Edward Island;
He particularly referred to 3% Super tax, amendments introduced in Section 8 of the sales Tax Act, 1990 for input tax adjustment and increase in import duty on coal from 1% to 5%.
In addition to easy invoice generation, Logistikor allows businesses to automatically calculate their input tax, output tax, and VAT owed with the click of a button.
A service will be treated as an export of service and thus entitled to input tax recovery (discussed below) only if (1) the service provider is located in India; (2) the recipient of the service is located outside India; (3) the service is provided outside India; (4) the payment is received in convertible foreign exchange; and (5) the service provider and service recipient are not merely establishments of the same legal person.
0 million) in respect of Federal VAT input tax credits for years 2009 through 2011, for its MineracEuo Turmalina Ltda.
He said low GST would also eliminate malpractice in refund claims and input tax leading to the reduced cost to the national exchequer.
IN a big relief to traders in the national capital, Delhi government on Saturday decided to allow them to carry forward input tax credit to next financial year and extending the last date of submission of R- 9 forms for last three years, up to June 30.
As a temporary measure beginning July 1, 2010, and effective through June 30, 2018, large businesses must recapture input tax credits for the provincial portion of the HST paid or payable on "specified property and services" in Ontario (commonly referred to as "recaptured input tax credits" or "RITCs").
The exporters get cash incentive up to 15 per cent of the export earnings in the form of duty drawback, input tax refund, customs duty-free import facilities, etc, he said.
In a previous VAT taskforce, a trader who claimed to be exporting vehicles and secondhand white goods to Africa was found to have fraudulently claimed over PS500,000 of input tax.
The Pakistani farmer has to give an input tax of up to 19 percent.
The return shows: The VAT charged on your sales to your customers in the period - known as output tax The VAT paid on your purchases - known as input tax If the amount of output tax is more than the input tax, then the difference must be paid to HM Revenue & Customs (HMRC) with the return.