Hello,

Can i buy a car under a company name and deduct the VAT like we do in other countries ?

For example, if i open a taxi company and buy a mercedes benz for this company, will i pay the retail price or retail price minus VAT and all other taxs ?

Thanks.

I am fairly certain your company has to be VAT registered and then any VAT you pay is offset against VAT collected.

Yes you can, but obviously your company has to be VAT registered.

With this registration comes the requirement to file monthly vat statements (even if no in comings or outgoings).

And the VAT department does not easily refund the VAT, but rather gives you credit against future VAT dues.

Yes you can, but obviously your company has to be VAT registered.

With this registration comes the requirement to file monthly vat statements (even if no in comings or outgoings).

And the VAT department does not easily refund the VAT, but rather gives you credit against future VAT dues.

Don't ever ask a refund from the revenue department . It is your sure ticket to a tax audit , where no matter what you will have to pay .

I checked on internet and i read that only the first million is tax deductible but not the rest to avoid tax evasion, because anyone can open a taxi company and buy a luxury car this way. More info appreciated. Thanks.

I checked on internet and i read that only the first million is tax deductible but not the rest to avoid tax evasion, because anyone can open a taxi company and buy a luxury car this way. More info appreciated. Thanks.

There is a difference between deducting the car purchase from your company's revenue for income tax purposes and vat.

Vat is always fully recoverable.

For the limited deductability for income tax reasons, this is the main reason companies lease cars instead of buy them.

Much less initial outlay and fully deductible.

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