VAT deduction definition

VAT deduction means deducting part of input and/or output VAT where the VAT amount payable to the state budget is reduced or the VAT amount recoverable from the state budget is increased by the amount of the deductible input and/or output VAT, calculated according to provisions of this Law.
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VAT deduction means the proportion of input and/or import VAT , deductible under the provisions of this Law.
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Examples of VAT deduction in a sentence

  • If NI issues a VAT Special Invoice to the Customer, the Customer shall submit it for VAT deduction within the allowable time as provided by PRC Tax Law.

  • The Customer shall be responsible and be liable for any and/or all consequences and/or losses from failure to or delay in submitting the VAT Special Invoice for VAT deduction and NI has NO such obligations to re-issue any new invoice to the Customer save and except for mistakes in disputed invoices are attributable to NI actions or omissions.

  • Buyer reserves the right to claim compensation for damages in case a VAT deduction is denied or VAT refund is rejected due to Contractors failure to issue a valid invoice.

  • However, VAT amounts are not reimbursed if the Recipient is generally entitled to deduct input VAT amounts in connection with the use of the Grant but the requirements for an input VAT deduction have not been established by the Recipient.

  • The Recipient shall establish the formal requirements for an input VAT deduction, as far as legally possible.

  • The VAT amounts of invoices received by one Party are not billable to the other Party as far as the first Party has an input VAT deduction, i.e. is able to receive a refund by the competent authority.

  • Legal restrictions which are caused by the first Party and lead to a non-billable amount shall be the following but not limited to (i) missing of a limitation period or (ii) inaccurate documents in order to receive the input VAT deduction.

  • Should, as a direct or indirect consequence of the incomplete or incorrect application of VAT legislation by the Contractor or one of his subcontractors, an obligation arise for the Principal, whether or not based on a several obligation, to pay any sum in VAT of fines, or any limitations or refusals of the right to VAT deduction, or any other disadvantage, the Contractor shall be required to compensate the Principal for any and all sums owed by the Principal, and any and all damage.

  • Accordingly, the Absorbing Company shall, as the case may be, proceed with the VAT deduction right adjustments provided under article 207 of Annex II to the ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Tax Code that should have been made by the Absorbed Company had said company continued its operation of the assets and liabilities transferred as described above.

  • Fresenius Kabi reserves the right to claim compensation for damages in case a VAT deduction is denied or VAT refund is rejected due to Supplier’s failure to issue a valid invoice.