Which of the following statements is NOT correct? a. VAT incurred wholly for making exempt...
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Accounting
Which of the following statements is NOT correct? a. VAT incurred wholly for making exempt supplies is not claimable (unless the value of such supplies is not more than X% of total supplies). b. VAT incurred wholly for making taxable supplies is claimable in full. c. Input tax incurred for Zero-rated supplies is recoverable. d. 24. Where VAT is incurred for the purpose of both taxable and exempt activities but the input tax relating to taxable supplies cannot be identified, a claim should not be made for any of the input tax.
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