- The FTA published an updated VAT guide on input tax apportionment.
- It includes guidance on the specified recovery percentage introduced in November 2024.
- The specified recovery percentage allows using a previous year’s input VAT recovery rate for the next tax year with FTA approval.
- This eliminates the need to calculate a VAT recovery rate for each periodic return.
- The guide also has updated timelines and general amendments.
Source: kpmg.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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