Deductible VAT definition

Deductible VAT means VAT that is recoverable under the national ‘VAT system’ (i.e. the system of collection and deduction under the national VAT legislation). Such VAT is not a genuine and definitive cost and, according to accounting standards, should not be recorded as such. Therefore, it is not actually incurred by the beneficiary.
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Deductible VAT means VAT that is recoverable under the national ‘VAT system’ (i.e.
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Examples of Deductible VAT in a sentence

  • Deductible VAT should be excluded from the cost but non-deductible VAT should be included.

  • Deductible VAT invoiced by suppliers will not be included in the valuation of turn- over.

  • Deductible VAT is neutral to the beneficiary as it can be recovered by deducting this cost from the beneficiary's VAT liabilities.

  • For any questions on the calculation of equipment please contact the purchase department of your organisation.VAT:o Non-deductible VAT is accepted;o Deductible VAT is not accepted.

  • Deductible VAT means VAT that is recoverable under the national ‘VAT system’ (i.e. the system of collection and deduction under the national VAT legislation).

  • Deductible VAT should be excluded from the cost but non-deductible VAT should be included in the case of imports the cost should include import and excise duties (less drawback).7.2(a) PURCHASE OF GOODS AND MATERIALS INCLUDE:Purchases of goods and materials (including stationery and consumables); Purchases of goods bought and resold without further processing;The cost of raw materials, components, semi-manufactures, workshop and office materials, spares, packaging materials charged to you;Imports of goods.

  • Deductible VAT should be excluded from the cost but non-deductible VAT should be included in the case of imports the cost should include import and excise duties (less drawback).7.2(a) PURCHASE OF GOODS AND MATERIALS INCLUDE:Purchases of goods and materials (including stationery and consumables);Purchases of goods bought and resold without further processing;The cost of raw materials, components, semi-manufactures, workshop and office materials, spares, packaging materials charged to you;Imports of goods.

  • Current/Fixed Assets not shown in the aforementioned items, such as Carried-Forward VAT, Deductible VAT, other VAT, inventory shortages are shown in this item.

  • No. Deductible VAT payments cannot be financed under Tempus (article II.19.4, Annex VI, of the Grant Agreement) and can therefore not be co-financed.

  • Deductible VAT amount is TL 438.739 (31 December 2013:TL 446.901) in statutory accounts as of 31 December 2014.

Related to Deductible VAT

  • Deductible has the meaning set forth in Section 11.1(e).

  • Liability Cap has the meaning ascribed to it in paragraph 1 of Schedule 9;

  • Maximum allowable cost means the maximum amount that a pharmacy benefit manager will reimburse a pharmacy for the cost of a drug.