Value Added Tax – The Right of Deduction

The right to claim back VAT incurred often gives rise to several questions/difficulties including:

• Eligibility of Input Tax Credit (Who is entitled to claim back input VAT)
• Evidence of Input Tax (Type of Documentation required – full vs simplified invoices, receipts?)
• Blocked Deductions (Which VAT can never be claimed back)
• Attribution of input Tax and Partial Attribution (In which instances is the right of refund restricted and how to calculate it)
• Capital Goods Scheme (When are adjustments to past input VAT incurred required)
• Reductions/Credit Notes/Late invoices (how to declare them in the VAT Return and whether there is the need to adjust past VAT Returns and if yes how)

During the session, we will discuss in detail the main VAT provisions pertaining to input VAT with an emphasis on the issues above making reference to specific situations/ examples which will be discussed in a user-friendly manner whilst encouraging questions from the attendees to make the session as relevant as possible. Via the course the attendees will continue developing and improving their knowledge as to determining which VAT can be claimed back and why, with a view to ensuring as much as possible that any VAT that can be claimed back is actually claimed back in the proper manner, whilst ensuring that one does not overstate the amount of VAT to be claimed so as to avoid incurring penalties and interest triggered by the overstatement of input VAT.