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Recovery of VAT.

According to Oficio N° 1584 of the Internal Revenue Service dated July 6th, 2011, shipping companies engaged in international carriage of goods or passengers by sea (exempted from VAT) and also costal trade (which is subject to VAT) may not recover the VAT fiscal credit arising from those periods in which no international carriage of goods or passengers has taken place. This since the VAT fiscal credit would have resulted from costal trade, which does not give a right to recover the respective VAT fiscal credit.

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