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TaxTim says: 13 August 2013 at 20:13 Is the buyer using the property for commercial or personal use? |
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Jan says: 13 August 2013 at 22:22 Hi Tim, the buyer is going to use it as commercial. The VAT amount is R2.9m |
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TaxTim says: 14 August 2013 at 16:59 The buyer would be able to claim the VAT portion so 14/114 of the smaller of the purchase price or the open market value would be allowed as an VAT input claim for the buyer. |
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Jan says: 14 August 2013 at 17:16 Hi Tim, So if I understand you the buyer must pay the VAT? |
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TaxTim says: 14 August 2013 at 17:19 The buyer would indeed pay the VAT, but then would be entitled to claim it back as part of their input process. |
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Jan says: 14 August 2013 at 17:38 Tim, You the "Best". Enjoy your evening! Tax Solutions Jan de Beer. |
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TaxTim says: 14 August 2013 at 17:46 Always happy to help! Same to you! |
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