Vehicle under company name

Can we claim the input tax for insurance of Vehicle under company name ?

Asked on January 6, 2017 2017-01-06 06:59:14 Business (商家)
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2 Answer(s)

Yes you can.
Paragraph 11 and 12 of GST Specific Guide on Input Tax Credits (Revised as at 4 January, 2017) states that :
11.  A taxable person is allowed to claim the input tax incurred on the following expenses relating to a passenger motorcar registered in his own name:
(a) Insurance premium;
(b) Petrol, diesel and NGV;
(c) Parking; and/ or
(d) Battery certified by a competent body recognized by the DG of Road Transport Department for use in electric motor car under the Motor Vehicles (Construction and Use) Rules 1959 [LN 170/1959].
12.  For passenger motorcar that is owned or registered under the name of other entity, any input tax incurred on the expenses listed in Paragraph 11 are allowed to be claimed by a taxable person except the input tax on insurance premium. However, a taxable person must fulfill the following conditions:
(a) The passenger motorcar is used in his business and attributable to the taxable supply made by him;
(b) The expenses are reimbursed and accounted as his business expenses; and
(c) Hold a valid tax invoice on the expenses acquired.

(You may download this Guide from Customs website).

Answered on January 6, 2017. 2017-01-06 07:58:54
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thanks for your info

Answered on January 6, 2017. 2017-01-06 08:41:48
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