VAT implications Clause Samples

VAT implications. ‌ The supply of goods under an “instalment credit agreement” as defined in section 1(1) of the VAT Act is subject to special time and valuation rules under sections 9(3)(c) and 10(6) of the VAT Act respectively. Output tax must be accounted for on the “cash value” received or receivable in respect of the supply (as determined under section 10(6) of the VAT Act read with the definition of “cash value”) in the tax period under section 27 of the VAT Act during which the goods are delivered, or consideration is received [refer to section 9(3)(c)], whichever is the earliest.