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Abstract

On the introduction of VAT the business community became a collector of tax for the Customs and Excise. A business registered for VAT must charge VAT on its taxable outputs. It will also be charged VAT on most of its inputs. The business is then required to account to Customs and Excise on a quarterly basis for the tax on outputs less the tax on inputs. In some cases the VAT on inputs is non-deductible (e.g. on cars and UK entertaining).

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© 1991 R. Dodge

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Dodge, R. (1991). Accounting for value added tax. In: The Concise Guide to Accounting Standards. Springer, Boston, MA. https://doi.org/10.1007/978-1-4899-7096-1_5

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  • DOI: https://doi.org/10.1007/978-1-4899-7096-1_5

  • Publisher Name: Springer, Boston, MA

  • Print ISBN: 978-0-412-39610-6

  • Online ISBN: 978-1-4899-7096-1

  • eBook Packages: Springer Book Archive

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