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In VAT terms,
Output tax is the 'VAT' a business would charge their customers when they sell goods/services
Input tax is the 'VAT' a business would pay their suppliers when they buy goods/services
However, VAT does not all apply to all goods or services. There are special rules for various goods & services.
From a commercial perspective, a business would add up all their output VAT for a period (e.g. 3 months), deduct it from the total input VAT incurred in the same period (e.g.3 months). This results in the 'net VAT due'. This is what is paid to the tax authorities in your respective region.
Output VAT is the value added tax you calculate and charge on your own sales of goods and services if you are registered in the VAT Register. Output VAT must be calculated on sales both to other businesses and to ordinary consumers. VAT on sales between businesses must be specified in a sales document. Output VAT must also be calculated when when you withdraw goods or services for private use from a registered business. If goods are withdrawn for use that is not liable to VAT under the VAT Act, VAT on withdrawals must be calculated unless the goods in question are capital goods that fall under the scope of the adjustment provisions for input VAT. Input VAT is the value added tax added to the price when you purchase goods or services liable to VAT. If the buyer is registered in the VAT Register, the buyer can deduct the amount of VAT paid from his/her settlement with the tax authorities.
هل تحتاج لمساعدة في كتابة سيرة ذاتية تحتوي على الكلمات الدلالية التي يبحث عنها أصحاب العمل؟