In an attempt to curb the amount of VAT lost as a result of sub contractors in the construction industry not remitting VAT charged to main contractors, a reverse charge is being introduced with effect from 1 September 2008. THE CONSTRUCTION SECTOR
This means that the principal contractor will now be liable to account for the VAT due on the subcontractor's supplies, in effect treating the received supply as a notional sale on its VAT return. Most...
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