What is the difference between claim VAT and to reclaim VAT?
What is the difference between claim VAT and to reclaim VAT?
munavvar
claiming VAT generally refers to requesting a refund of VAT on business-related expenses, while reclaiming VAT specifically relates to recovering VAT on employee expenses incurred for business purposes
Nandana
To "claim VAT" and to "reclaim VAT" have same meaning, it is a process of recovering VAT that has been paid on goods or services.
HANNA SAYYID
"claim VAT" and to "reclaim VAT" are often used interchangeably and refer to the process of recovering VAT that has been paid on goods or services.
Jayadev Menon
They are both same phrases referring to using credit to get refund of excess VAT paid on purchases
Bryce Dsouza
To "claim VAT" and to "reclaim VAT" are often used interchangeably and refer to the process of recovering VAT that has been paid on goods or services. In the context of businesses, this typically refers to the process of claiming back the VAT paid on business expenses, such as supplies or equipment. In the context of tourists, this refers to the process of claiming back the VAT paid on eligible purchases made during their stay in a country that offers a VAT refund scheme for tourists.
Liv_Clarissa
In the UAE, VAT-registered businesses generally must charge VAT on taxable goods or services they supply and may reclaim any VAT they have paid on business-related goods or services. The difference between these sums is reclaimed or paid to the government.
VAT liability is the difference between the output tax payable (VAT levied on supplies) for a given tax period and the input tax (VAT incurred on purchases) recoverable for the same tax period. The difference must be paid to FTA if the output tax exceeds the input tax amount.
Sam Alex
In my understanding, the term "claim VAT" typically refers to the initial process of requesting a VAT refund for eligible business expenses, while "reclaim VAT" refers to actually receiving the refunded VAT amount from the tax authorities after the claim has been approved and processed.