input tax

(redirected from Input Taxes)
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input tax

VALUE ADDED TAX paid on the purchase of goods and services used by a VAT registered person for the purpose of their business.
References in periodicals archive ?
The BIR said that if a taxpayer has no other sales transactions subject to VAT against which its input taxes may be used in payment, then, it follows, that it is constituted as the final person against which the costs of the tax passed on shall legally stop and rest.
Gulf News' panel of tax experts and chartered accountants said it is not a complicated situation as exporters have recourse to claim input taxes paid on supplies sourced for exports.
Thus, there is cascading of input taxes on constructed flats, etc.
Constantino, a witness whom Coca-Cola itself presented during trial, the amount in question "essentially represents undeclared input taxes for the second quarter of 2008 and not the erroneously paid VAT."
While standard VAT sees input taxes deducted from output taxes, for IRAP, businesses pay 4.25% of the additional value they generate to goods and services in a particular region, with this rate varying by 1% region to region.