- David Burton, Wanda Tseng, Kalpana Kochhar, Hoe Khor, and Dubravko Mihaljek
- Published Date:
- September 1994
Losses incurred in a tax year may be offset against the income of the following tax year; however, losses may only be carried forward over a period not exceeding five tax years.
Interest expenses on borrowings from nonfinancial institutions are deductible, provided that such expenses do not exceed those on similar borrowings from financial institutions during the same period.
Most taxpayers are both buyers and sellers of taxable goods and services. When a firm purchases goods subject to the VAT, it pays the purchase price plus the VAT to the seller. When the same company sells goods, it receives the sales price plus the VAT. Only the difference between the VAT on the sales price (output VAT) and the VAT on the purchase price (input VAT) is turned over lo tax authorities. Where the amount of input VAT during a period exceeds the amount of output VAT, the excess is carried forward and credited against the output VAT of the following accounting period.
The rationale for this practice is to compensate farmers for the VAT that they pay on their inputs without forcing them to register for the VAT or issue an invoice.
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