{"id":8350,"date":"2022-02-26T21:45:07","date_gmt":"2022-02-26T16:15:07","guid":{"rendered":"https:\/\/brynfest.com\/?p=8350"},"modified":"2022-02-26T21:47:28","modified_gmt":"2022-02-26T16:17:28","slug":"the-rules-for-settling-the-advance-payment-in-vat","status":"publish","type":"post","link":"https:\/\/brynfest.com\/the-rules-for-settling-the-advance-payment-in-vat\/","title":{"rendered":"The rules for settling the advance payment in VAT"},"content":{"rendered":"
Many taxpayers are familiar with the general rules for taxing advance payments and retainers. However, in certain situations involving the return of an advance payment or deposit or the retention of an advance payment, the tax treatment may be different from the typical. Read our text and you will learn what are the rules of accounting for advance payment in VAT.<\/p>\n
Many taxpayers are familiar with the general rules for taxing advance payments and retainers. However, in certain situations involving the return of an advance payment or deposit or the retention of an advance payment, the tax treatment may be different from the typical. Read our text and you will learn what are the rules of accounting for advance payment in VAT.<\/p>\n
Many taxpayers are familiar with the general rules for taxing advance payments and retainers. However, in certain situations involving the return of an advance payment or deposit or the retention of an advance payment, the tax treatment may be different from the typical. Read our text and you will learn what are the rules of accounting for advance payment in VAT.<\/p>\n
An advance payment is a sum of money paid by a purchaser in order to purchase a future service, product or commodity. It may constitute part or all of the value of the future service, product or good in case the transaction is completed.<\/p>\n
A deposit, on the other hand, is the amount of money that the buyer pays towards the purchase of a future service, product or good. The deposit as well as advance payment will be a part of the value of future service, product or goods if the transaction is successful. Remember, however, that an advance payment cannot constitute the entire consideration for the future product, good or service.<\/p>\n