partial exemption

partial exemption
A restriction in value added tax legislation that can arise if a taxable person makes a mixture of taxable supplies and exempt supplies. In these circumstances there is a restriction on the amount of input tax that is available to set against output tax

Accounting dictionary. 2014.

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  • partial exemption — Where both taxable and exempt supplies are made and they incur input tax that relates to both kinds of supply. If this is the case, a claim cannot be made on all of the input tax. Normally a Method would be used to work out how much can be… …   Financial and business terms

  • partial exemption method — A method used to apportion residual input tax. HM Customs & Revenue Glossary …   Financial and business terms

  • Exemption — • The whole or partial release of an ecclesiastical person, corporation, or institution from the authority of the ecclesiastical superior next higher in rank, and the placing of the person or body thus released under the control of the authority… …   Catholic encyclopedia

  • exemption — noun ADJECTIVE ▪ complete, full, total ▪ blanket ▪ The bill gives sensitive police files a blanket exemption. ▪ partial ▪ …   Collocations dictionary

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  • Exemption — An exemption such as a Tax exemption allows a certain amount of income or other value to be legally excluded to avoid or reduce taxation.Exemption may also refer to:* Exemption (church), an exemption in the Roman Catholic Church, that is the… …   Wikipedia

  • partial — adj. 1 not complete VERBS ▪ be ▪ remain ADVERB ▪ only ▪ His efforts met with only partial success. ▪ …   Collocations dictionary

  • Exemption (church) — In the Roman Catholic Church, Exemption is the whole or partial release of an ecclesiastical person, corporation, or institution from the authority of the ecclesiastical superior next higher in rank. [cite… …   Wikipedia

  • special method — ( Partial Exemption)A method for working out how much residual input tax a business can reclaim if the standard method does not produce a fair and reasonable result. HMRC must provide approval to use a special method. HM Customs & Revenue… …   Financial and business terms

  • National Pension (Japan) — The Japanese national pension is a pension system that all registered residents of Japan, both Japanese and foreign, are required to enroll in. Since January 1, 2010 it has been managed by the Japan Pension Service. Contents 1 History 2 Types of… …   Wikipedia

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