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Deemed Supply of Goods

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The basic rule for a chargeable transaction requires there to be consideration paid by the purchaser. If there is no consideration, there is no supply within art.2(1)(a). If there was no rule to prevent it, this could lead to the avoidance of VAT by a final consumer who was also a trader or employed by a trader: the business could purchase goods and recover the VAT on the cost, then give them to the owner or to an employee without consideration. The Directive provides that this transaction is subject to an output tax charge which negates the possible VAT avoidance. The value of the transaction is considered in the chapter on ‘chargeable amount’. Explaining EU VAT for Business http://www.vatdirective.com
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Text Comments (1)
Mohsin Wadood (10 months ago)
what a perfect way of explaining. with examples and practical case studies.

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