Tax Consequences of Deemed Input Tax Deduction for Repossessed Motor Vehicle under VAT Act

• BPR 411 determines tax consequences of deemed input tax deduction for repossessed motor vehicle
• Ruling on interpretation and application of definitions of “gross income,” “asset,” and “input tax”
• Focus on motor vehicles financed under Instalment Credit Agreement under VAT Act

Source: mondaq.com

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.