Sales tax - Bad debt
4 important questions on Sales tax - Bad debt
What is the time limit for making a claim on sales tax refund on bad debts?
What conditions must be fulfilled for a sales tax refund claim?
- Sales tax paid on an invoice by the registered manufacturer
- Unpaid sales tax written off as bad debts due to insolvency
- No payment for 6 months from the sale date
- Reasonable efforts to recover debt
How is the refund of part of the sales tax paid calculated?
- Sales tax refund formula: A/B × C = 10,000 – (40,000/110,000 × 10,000) = 6,364
- A = payment received
- B = sale value plus tax
- C = sales tax on goods
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What is the repayment formula if tax payable is received after a refund?
- Formula: Δ/B × C = 70,000/110,000 × 10,000 = 6,364
- Δ = payment received
- B = sale value plus tax
- C = sales tax on goods
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