Capital Gains Tax – How It Works

Capital Gains Tax – How It Works

What is Capital Gains Tax? Capital Gains Tax (CGT) is a tax levied on the capital gain arising from the disposal of a specified asset. Specified asset means immovable property (e.g. land and buildings) and any marketable security (e.g. debentures, shares, unit trusts,...
The Purpose Of A Tax Invoice

The Purpose Of A Tax Invoice

  Value Added Tax (VAT) is invoice based and is accounted for on invoices generated on both cash and credit sales. The VAT payable is the difference between output tax and input tax. Output tax is the tax charged on supplies made while input tax is the tax incurred by...
Value Added Tax – How does it work?

Value Added Tax – How does it work?

  1. What is VAT? Value Added Tax (VAT) is an indirect tax on consumption, charged on the supply of taxable goods and services. It is levied on transactions rather than directly on income or profit, and is also levied on the importation of goods and services. This tax...
Bad Debts and Income Tax

Bad Debts and Income Tax

Bad debts arise when customers who buy on credit fail to pay the debt and this triggers the trader to claim a deduction against their income for Income Tax purposes. The debt that is allowable as a deduction is that debt which the trader proves to be irrecoverable....