Assume that Consumer borrows $1,000 from a friend to pay a Master Card bill that was entirely
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Assume that Consumer borrows $1,000 from a friend to pay a Master Card bill that was entirely for personal consumption items, namely, a new stereo music setup. In the current year, Consumer pays $100 interest on this loan. Should the interest collected by the friend be subject to VAT? If a Corporation raises funds for its operations by issuing bonds for $1,000,000 and pays $80,000 interest to holders of the bonds, should the interest received by the bond holders be subject to VAT?
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Whether or not interest income is subject to VAT depends on the jurisdiction in which the loan is ma...View the full answer
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Related Book For 
Value Added Tax A Comparative Approach
ISBN: 9780521616560
1st Edition
Authors: Alan Schenk, Oliver Oldman
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