FOLIO Ontology

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Output VAT Payment

IRI:
https://folio.openlegalstandard.org/R7jtlY9NSkzZRtDZ9hi8kmo
Preferred Label Collected VAT
Alternative Labels
Output Tax Liability Sales VAT Remittance

Definition

Output VAT Payment refers to the Value Added Tax that a business collects on its sales of goods and services. This tax is remitted to the government after offsetting any Input VAT, ensuring businesses pay VAT only on the value they add to the products or services.

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