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Tag: GST vs VAT
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Understanding VAT on Fixed Assets
Value Added Tax (VAT) on fixed assets refers to the imposition of VAT on the purchase of capital assets that a business intends to use for its operations over an extended period. Fixed assets include tangible assets like land, buildings, machinery, equipment, vehicles, and intangible assets like patents and trademarks, which are essential for the…
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Value Added Tax (VAT): Principles, Implementation, and Compliance
VAT, which stands for Value Added Tax, is a consumption tax levied on the value added to goods and services at each stage of production or distribution. It is an indirect tax, meaning that the tax is passed on to the end consumer as part of the purchase price. VAT is one of the most…