Goods Imported for Trading but self used for a period & then sold

In a case, a company imports LCD for trading and apply RCM and few LCD werefixed at various its owndisplay centres across UAE, after period of 6 months, these LCD are sold as used items....what is VAT treatment because it may sold lower the cost/import value.....

Nusrat Abbas

25/11/2020 17:02:14

0 Like 0 Reply Report Share

Replies

SAJITH N25/11/2020 18:03:18

If the same is used for business purposes the eligibility to claim VAT on import remains and VAT on residual value at the time of sale need only be paid.

0 Like

Nusrat Abbas25/11/2020 18:04:38

Thanks Sujith.

0 Like

Reply :

Login to reply. click here

Q&A

You can also submit your query / question

Submit Query

Goods Imported for Trading but self used for a period & then sold

Replies

Q&A

Get latest updates from GccFinTax.com

GCC FinTax