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.
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input tax

see VALUE ADDED TAX.
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson
References in periodicals archive ?
While RMC 42-2003 only allows of claims denied due to noncompliance of invoicing requirements, the privilege of claiming deduction for income tax purposes also apply to claims that are denied due to the failure of the taxpayer to show that the input taxes sought to be refunded were not carried over and applied against any output VAT in the succeeding periods.
Some of the increase is due to new input taxes on business such as the Climate Change Levy.
Unburdened by input taxes, other Asean exporters will thus have lower export prices compared to Philippine exporters, who will have to pay additional VAT under the proposed corporate tax law.
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.