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Hello sir. If a leased asset is used for private use, only 50% of VAT is deductible, right?
But if the question provides the percentage of private use, like 75%, then how much VAT will be deductible?
25% or 50% only?
In a question of BPP, they deducted only 25% but in ACCA technical article where they have mentioned the private usage of 70%, they HAVE STILL DEDUCTED ONLY 50%.please tell me about the same..
AND I AM SORRY. IN PLACE OF DEDUCTED, I MEAN TO SAY ALLOWABLE INPUT VAT.
The 50% rule ONLY applies to leased motor cars – is the example you refer to a different asset where the restriction would be based on the actual business / private proportions