Input VAT definition

Input VAT means the amount of VAT recoverable as set out in the Completion Balance Sheet.

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Input VAT means the Input VAT or “input tax”, being the VAT incurred on the supply of goods or services to the VAT vendor which a registered VAT Vendor is entitled to deduct from the sum of the amounts of output tax, to the extent that input tax is incurred for the purpose of consumption, use or supply, in the course of making taxable supplies as defined in section 16(3) of the VAT Act. As a general rule, a Customer which is a registered VAT vendor is not entitled to deduct input tax on the importation, acquisition, lease or rental of a motor car in terms of section 17(2)(c) of the VAT Act, irrespective of the purpose for which the motor car was acquired or rented. The proviso contained in section 17(2)(c) of the VAT Act provides certain exceptions that allow a registered VAT vendor, in limited circumstances, to deduct input tax on the acquisition of a motor car where the motor car is acquired by the vendor for the sole purpose of making a taxable supply (sale, lease or rental) in the ordinary course of an enterprise that continuously or regularly supplies motor cars. Whilst KINTO will provide estimated amounts of Input VAT which it believes may be deducted by a registered VAT vendor, the amount and validity of Input VAT claimed is the sole responsibility of the Customer.

Input VAT shall have the meaning specified in Section 10.3(f).

Examples of Input VAT in a sentence

Both Parties shall use commercially reasonable efforts to comply on an urgent basis with all Laws and other requirements necessary to obtain from the relevant Governmental Authority such Input VAT refund or credit and cooperate closely in good faith in this respect.
The price Is free of VAT and, pursuant to legal regulations applicable In France, LFFL Is obliged to calculate and pay Input VAT and LFFL Is fully responsible for the fulfilment of this duty towards the French financial authority.
Relevant evidence, dependent on cost type All Eligible Expenditure must be claimed net of Input VAT which is recoverable from HM Revenue and Customs, exceptions can be made where VAT is Irrecoverable, please flag and discuss this when submitting your budget.
The Customer shall be assumed to be entitled to claim full Input VAT unless it demonstrates that its entitlement is otherwise prior to the date on which the payment must be made.
Buyer Parent is obliged to notify Seller Parent as soon as reasonably possible of any queries, contests or delays related to the Input VAT claim by the Governmental Authorities, and on each fifth business day of every month after Closing (or, with respect to Assessed VAT, on each fifth Business Day of every month after the date on which such Assessed VAT is assessed by the respective Governmental Authority) on the status of the Input VAT refund procedure.
Buyers will use any Input VAT credits as soon as feasible, and shall give priority to the use of any Input VAT credits over other VAT credits held by Buyers.
Sanofi, the Seller or the Company have maintained and are in possession (each of them for its own documents) of all the documents (including invoices) supporting the figures shown in the Input VAT Statement; Seller will, and will procure that Sanofi will, deliver Buyer with a copy of any such document within twenty (20) Business Days following any Buyer’s reasonable request.

More Definitions of Input VAT

Input VAT means any amount of VAT payable in respect of supplies of goods or services or an acquisition of real property in relation to any Obligor.

Input VAT means the amount of VAT paid or payable on purchases of goods and/or services, also the amount of VAT calculated on the tangible capital assets specified in Article 6 of this Law, manufactured by the taxable person himself.

Input VAT means VAT paid to vendors or customs;

Input VAT has the meaning set forth in Section 9.2(b)(ii).