output tax

Output Tax

In the United Kingdom, the value added tax that a business charges customers on the products it sells. This contrasts with the input tax, which is the VAT that the business pays on its inventory and other goods. 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.

output tax

see VALUE-ADDED TAX.
References in periodicals archive ?
The tax return should include: The Taxable Person's name; address; Tax Registration Number (TRN); the tax period of the tax return; submission date; the value of standard-rated supplies made in the tax period and the output tax charged; the value of zero-rated supplies made in the tax period; the value of exempt supplies made in the tax period.
Any excess output tax is due for onward remission to the KRA by the 20th day of the following month.
Tax Returns must include: the value of standard-rated supplies made in the tax period and the output tax charged; the value of zero-rated supplies made in the tax period; the value of exempt supplies made in the tax period; the value of any reverse-charged supplies received in the tax period; the value of expenses incurred in the tax period (if the business in question is looking to recover input tax and the amount of recoverable tax); the total amount of tax due and recoverable input tax for the tax period; and finally, the payable tax (or repayable) for the tax period.
TCCs are documents issued by the Bureau of Customs (BOC) or issued jointly by BOC and Department of Finance (DOF) to refund taxes paid by big companies for cases of excess duties, canceled importation, or due to VAT input, or output tax.
If you manufacture, distribute or sell goods you need to understand its impact, and have a working knowledge of input and output tax.
The output tax liability is calculated by multiplying GST rate with total value of supplies and advances.
The selection is done by both the concerned Commissioner and Federal Board of Revenue (Audit selection is based on different risk parameters (viz-a-viz ITO, 2001, STA, 1990 and FEA, 2005) such as excess claim of P and L expenses, low profitability to assets ratio, consistently many years, high ratio of input tax to output tax and carry forward of input tax.
50 AED) on the sale price as output tax (VAT) to the distributor.
As per the Decree-Law, Payable Tax for any Tax period is calculated as the total Output Tax (i.
failure to the supplier towards supply of goods and/or services within 180 days from the date of invoice, ITC already claimed will be added to output tax liability and interest to paid on such tax involved.
In Pakistan, Section 10 of Sales Tax Act, 1990 implies that 'If the input tax paid by a registered person on taxable purchases exceeds the output tax on account of zero rated local supplies or export made during the tax period, the excess amount of input tax shall be refunded to the registered person not later than forty-five days of filing of refund claim.
Since input tax is at a much higher rate as against the output tax, refunds are consistently accruing and increasing on a regular basis.