7855443
Description
Mind Map by Kai Wellmann, updated more than 1 year ago
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Created by meyer cohn
almost 9 years ago
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Copied by Kai Wellmann
over 7 years ago
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VAT
- Output
(s.7(1)(a))
- Person carrying
on an enterprise
- No
- Final
consumer
- Final
consumer
- Yes
- Supply of
goods/services
- Exempt
supplies
(s.12 & s.2)
- No output
tax levied
- 1. Financial services; 2.
Accommodation; 3.
transport of
fare-paying passengers
- No output
tax levied
- Taxable
supplies (s.1
& s.7)
- Zero-rated
supplies(0%)
(s.11)
- Export of
movable goods
- Direct=supplier
exports
- Indirect=
recipient
exports
- Direct=supplier
exports
- Export of
services
- Sale of going
concern
(criteria: both
must be
vendors)
- Export of
movable goods
- Standard rated
supplies(14%)
(s.7(1)(a))
- Zero-rated
supplies(0%)
(s.11)
- Deemed
supplies (s.8 &
s.18(3))
- Ceasing to be a vendor: 1.
Output tax payable on
goods & rights owned by
person also on outstanding
balances owing to
suppliers; 2. Value = Lesser
of Cost and open-market
value.
- Indemnity
payments
- Total reinstatement
of goods where Input
tax denied = no
supply
- Repair of goods
denied input tax =
deemed supply at
std
- Repair of goods
denied input tax =
deemed supply at
std
- Replaces goods=
insured not
deemed to make a
supply
- Total reinstatement
of goods where Input
tax denied = no
supply
- Ceasing to be a vendor: 1.
Output tax payable on
goods & rights owned by
person also on outstanding
balances owing to
suppliers; 2. Value = Lesser
of Cost and open-market
value.
- Exempt
supplies
(s.12 & s.2)
- Supply of
goods/services
- No
- Time &
value of
supplies (s.9
&s.10)
- Time
- Invoice basis: Earlier
of -date of invoice
issued; OR time of
pmt
- Payment basis:
time of pmt
- Invoice basis: Earlier
of -date of invoice
issued; OR time of
pmt
- Value
- Consideration
= value + VAT
- Consideration: >in
money=money
value;; >not
money=
open-market value
- Consideration: >in
money=money
value;; >not
money=
open-market value
- Consideration
= value + VAT
- Connected
persons:
value=
open-market
value
- Time
- Adjustments
(s.18(1), (2),18A,
18B & 22(2)-(3A))
- Person carrying
on an enterprise
- Input (s.17)
- Was a vendor charged
with VAT on supply of
G/S by supplier? (s.1)
- No
- No input
tax claim
- No input
tax claim
- Yes
- Will G/S be consumed ,
used or supplied in course
of making taxable supplies? (s.17(1))
- No
- Yes
- Is deduction of input
tax denied? (s.17(2))
- Yes
- No
- Proposed consumption, use or
supply 100% in course of
making taxable supplies?
(s.17(1))
- Yes
- Claim full
input tax
- Claim full
input tax
- No
- Determine portion of use
in course of making
taxable supplies
- Intended use >95%
- Yes
- No
- Apportion & claim only
amount of input tax that
relates to intended use
- Apportion & claim only
amount of input tax that
relates to intended use
- Yes
- Intended use >95%
- Determine portion of use
in course of making
taxable supplies
- Yes
- Proposed consumption, use or
supply 100% in course of
making taxable supplies?
(s.17(1))
- Yes
- Is deduction of input
tax denied? (s.17(2))
- No
- Will G/S be consumed ,
used or supplied in course
of making taxable supplies? (s.17(1))
- No
- Was a vendor charged
with VAT on supply of
G/S by supplier? (s.1)
- Fixed property
transactions where
transfer duty
payable
- Should supplier
charge VAT?/ Is
supplier a
vendor?
- Yes
- No
- Transfer duty
payable by
purchaser based
on purchase price
- Is purchaser
registered
vendor?
- Yes
- Purchaser use property
wholly/partially for
taxable supplies?
- No
- May not
claim
Input tax
- May not
claim
Input tax
- Yes
- > Notional input tax(NIT) not limited to transfer
duty; >Time = earlier of pmt / property registration;
NIT only claimable to extent pmt is made
- > Notional input tax(NIT) not limited to transfer
duty; >Time = earlier of pmt / property registration;
NIT only claimable to extent pmt is made
- No
- Purchaser use property
wholly/partially for
taxable supplies?
- No
- Yes
- Is purchaser
registered
vendor?
- Transfer duty
payable by
purchaser based
on purchase price
- Yes
- Should supplier
charge VAT?/ Is
supplier a
vendor?
- Adjustments
- Due to
change in
use (s.18)
- Irrecoverable
debts (s.22)
- Due to
change in
use (s.18)
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