If an Employee buys the Car as per the company lease and Company paid the entire amount through cheque including taxes, VAT etc which was being deducted from the Employee salary on a monthly basis and spreaded across three years.
If the Employee wishes to leave the Company in the same financial year and the Car has to be transferred to the Employee name, could you please confirm if the Employee need to pay the VAT (or any other tax) again and if yes, on what amount?
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VAT on used Car
Replies (3)
Hi Dear
VAT etc = means ( taxes + principle ) therefore employee dont need to pay VAT or other taxes on that transfer.
As per the lease agreement, employee is suppose to bear all the taxes.
Is VAT applicable to the Company if they are transferring the Car to an employee at the cost value?
No ,Employee is not Liable to Pay VAT.
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