What is the section 22(7) , If unable to answer please tell me what parts should i need to refer in act

asked Jan 21, 2017 in VAT by malingha
What is the section 22(7) , If unable to answer please tell me what parts should i need to refer in act

1 Answer

0 votes
answered Apr 20, 2017 by Alucard (140 points)
In simple ,u can purchase without VAT , that means VAT holiday for a specific period (30 months ????) for the input , usually this approval given for large investments ( hotels , manufacturing factory )

Considering the opportunity cost of paying VAT and try to absorb it when company liable for VAT ( output )

Its the most difficult approval to get through IRD In my experience ( 6-8 months )
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