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KembaraXtra – Legal Terms – Output Tax
Output tax is the *value-added tax (VAT) charged by a taxable person when supplying goods or services.
Businesses registered for VAT collect output tax from customers on taxable transactions.
The business may then offset this amount against any *input tax paid on purchases connected with the business.
The balance is payable to or recoverable from the tax authority.
Output tax forms a central component of the operation of the VAT system.
Output tax is the *value-added tax (VAT) charged by a taxable person when supplying goods or services.
Businesses registered for VAT collect output tax from customers on taxable transactions.
The business may then offset this amount against any *input tax paid on purchases connected with the business.
The balance is payable to or recoverable from the tax authority.
Output tax forms a central component of the operation of the VAT system.
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