Hello,
XYZ Ltd gives gifts to its clients for promotion of its Business.
At the time of purchasing the gift it is paying Input VAT. Can it claim this Input VAT even though there is no actual sale?
A s far as I'm aware if the gift is used towards the promotion of the business the company can indeed claim it.
Please advise me ASAP.
Regards.
Input VAT is claimed only for production purposes i.e stores & spares using for production purposes. So XYZ Ltd. cannot claim Input VAT for Gift Purchased.
Thanks.
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