The ‘Sale of goods’ and ‘Consignment Sales’ are both considered as sales from a business perspective. However, from the Revenue Department’s perspective, there are differences in VAT liability between the two. Before we explain such differences, we should first understand the meaning of “Sale(s)” under the Revenue Department’s definition.
The Revenue Department defines the meaning of ’Sale(s)’ as “the disposal, distribution or transfer of goods, whether or not for benefit or a consideration, including: (b) delivery of goods to an agent for sale under Section 77/1.” Moreover, the ’Sale of Goods’ is subject to VAT liability under Section 78 of the Revenue Code, as follows: ..
Source: nishimura.com
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