Value-added tax (VAT) is a tax on products or services. Consumers pay the VAT, ... for Simple Form 1040 returns ... amount in order to qualify for a VAT refund. In the EU, for example, ...

Another issue about VAT is that FIRS has yet to understand the reality in business and a good example is as follows. You buy goods for N100,000, you sell with two per cent profit, meaning you sell ...

For example, when £200,000 has been spent on a new combine the return would include a VAT claim for £40,000. “A quirky return will draw HMRC’s attention, and it is likely to ask you to send ...