WebbHowever, to the extent that those conditions are satisfied, then the transfer of the assets in question should not be considered to be a supply of goods or services for VAT purposes - and the transaction should, consequently fall outside the scope of VAT. However the use of the TOGC provision, wherein that transfer also includes immovable ... WebbRequirements include ensuring that the contract governing the transaction provides that it is to be treated as a TOGC, both buyer and seller are vat registered, both buyer and seller have elected to charge vat, and both buyer and seller use the property for the same business purpose both before and after the transaction.
GCC VAT rules for transfer of going concern (TOGC) - PwC
Webb18 nov. 2024 · TOGC. Special rules apply where a property is sold as part of the transfer of a business. Providing the new owner continues the business, the overall transfer is generally outside the scope of VAT. For example, a commercial property may be sold with an existing tenancy in place. The sale can be a TOGC providing other conditions are met. Webb15 juni 2024 · A TOGC is the sale of a business including assets, which is treated as outside the scope of VAT under the VAT legislation, subject to meeting certain … notts derby bus company
GCC VAT rules for transfer of going concern (TOGC) - PwC
WebbA transfer of a business as a going concern (TOGC) however is the sale of a business including assets which must be treated as a matter of law, as ‘neither a supply of goods … Webb3 dec. 2024 · The seller has made a VAT option over the land and buildings demised in one of the titles, but has not made a VAT option over the land and buildings demised by the other two titles. The transaction is being treated as a transfer of a business as a going concern (TOGC) as the various TOGC conditions will be met. Webb29 aug. 2024 · The transfer of a going concern (TOGC) is a dangerous provision in the VAT law. Although such a transaction is not taxable, problems can quickly arise if the associated VAT issues are misjudged. For instance, if the seller erroneously assumes the TOGC, he will be required to pay VAT with interest on the proceeds of sale. how to showcase your work to manager