VAT & Indirect Tax
VAT Refund
Reclaim recoverable VAT when your input VAT exceeds your output VAT.
You can claim a VAT refund provided your business is registered under VAT and charges 5% VAT appropriately. As a VAT-registered business owner, you must file a VAT return that provides the details of your sales and the input/output VAT paid during the tax period.
To clarify: the money you collect on sales is the output VAT, while the funds payable to suppliers that add to your expenses are the input VAT of your business. If your input VAT is higher than your output VAT, the extra amount is refundable.
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