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PARTIAL ATTRIBUTION ADJUSTMENTS OF DEDUCTION Determination of the period of reference

PARTIAL ATTRIBUTION ADJUSTMENTS OF DEDUCTION Determination of the period of reference. LEGAL PROVISIONS: partial attribution (period of reference). The portion of input tax allowable as a credit to a person in terms of item 5(3) shall be calculated as follows:

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PARTIAL ATTRIBUTION ADJUSTMENTS OF DEDUCTION Determination of the period of reference

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  1. PARTIAL ATTRIBUTIONADJUSTMENTS OF DEDUCTIONDetermination of the periodof reference

  2. LEGAL PROVISIONS: partial attribution (period of reference) • The portion of input tax allowable as a credit to a person in terms of item 5(3) shall be calculated as follows: (a) the total value of supplies to which article 22(4) applies made by that person during all the tax periods ending during a calendar year is divided by the total value of supplies made by that person during those tax periods Tenth Schedule Item (6)(1)(a)

  3. LEGAL PROVISIONS: adjustment (period of reference) • Where the input tax credit of a person ("the owner") for any tax period during a calendar year ("the year of acquisition") includes tax on the supply to that person or the intra-community acquisition or importation by that person of capital goods, an adjustment should be made to the input tax already allowed, if the input tax for any year during an adjustment period is allowable at a rate which is higher or lower than that already allowed in the year of acquisition Tenth Schedule Item (7)(1)

  4. WHAT IN PRACTICE? DATE OF REGISTRATIONYEAR 1 (TAX PERIODS)YEAR 2 AND… JANUARY 4 CALENDAR YEAR FEBRUARY 3 01/11 -> 31/10 MARCH 3 01/12 -> 30/11 APRIL 3 CALENDAR YEAR MAY 2 01/11 -> 31/10 JUNE 2 01/12 -> 30/11

  5. WHAT IN PRACTICE? DATE OF REGISTRATIONYEAR 1 (TAX PERIODS)YEAR 2 AND… JULY 2 CALENDAR YEAR AUGUST 1 01/11 -> 31/10 SEPTEMBER 1 01/12 -> 30/11 OCTOBER 1 CALENDAR YEAR NOVEMBER 4 01/11 -> 31/10 DECEMBER 4 01/12 -> 30/11

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