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IB 10454
August 2013Quick Reference Guide
Income and Assets for Financial Assessment
Income: Payments from any source unless specifically excluded. The following sources of income are
counted for
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What is va?
Va stands for Value Added Tax (VAT), which is a type of indirect tax that is imposed at each stage of the production and distribution process.
Who is required to file va?
Businesses that meet the threshold set by the government for VAT registration are required to file va.
How to fill out va?
Va can be filled out electronically through the online portal provided by the tax authority or manually using the prescribed forms.
What is the purpose of va?
The purpose of va is to collect tax revenue from consumers at each stage of the supply chain to avoid double taxation and promote economic growth.
What information must be reported on va?
Va requires businesses to report their taxable sales, output tax collected, input tax paid, and other relevant financial information.
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