Accountancy Forum

A private limited company can adjust tax on supplies or it is a final tax ?

According to section 153(3), Tax deducted under section 153(1)(a) [on supplies], shall only be adjustable if the recipient is (i)a company AND 9(ii) that such company is either manufacturer of such goods or a listed company

So where company is a manufacturer, tax deducted on supplies is NOT final tax.
Where a company is a listed company, tax deducted on supplies is NOT final tax
Where company is trader, tax deducted on supplies is final tax.

According to section 153(3), Tax deducted under section 153(1)(a) [on supplies], shall only be adjustable if the recipient is (i)a company AND 9(ii) that such company is either manufacturer of such goods or a listed company

So where company is a manufacturer, tax deducted on supplies is NOT final tax.
Where a company is a listed company, tax deducted on supplies is NOT final tax
Where company is trader, tax deducted on supplies is final tax.

I agree with this reply , it is a satisfied one.