Foreign Exchange Gains/Losses on International Payment ( Suppliers)

If any gain/loss which resulted in case of payment to foreign suppliers due to currecny conversion.

What is the VAT treatment on such income(net).

Nusrat Abbas

04/03/2020 13:46:37

1 Like 0 Reply Report Share

Replies

SAJITH N04/03/2020 15:19:42

Exchange variance on foreign currency payments to vendors will be outside the scope of VAT. That is just the result of bank rate and accounting rate, it is not a supply for VAT purposes

0 Like

Reply :

Login to reply. click here

Q&A

You can also submit your query / question

Submit Query

Foreign Exchange Gains/Losses on International Payment ( Suppliers)

Replies

Q&A

Get latest updates from GccFinTax.com

GCC FinTax