Definition
VAT returns refer to the periodic reports filed by VAT-registered businesses with the tax authorities, detailing their taxable sales and purchases during a specific reporting period. These returns allow businesses to report the amount of VAT collected on sales (output VAT) and the amount of VAT paid on purchases (input VAT), with the difference typically resulting in either a VAT liability or refund.
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Private Limited Company (Ltd)
A Private Limited Company (Ltd) is a type of company where the ownership is divided into shares held by a small number of shareholders. The liability of shareholders is limited to the amount unpaid on their shares, and the company’s shares cannot be traded publicly on the stock exchange.
Limited Liability Partnership (LLP)
A Limited Liability Partnership (LLP) is a business structure where partners have limited personal liability for the debts and obligations of the partnership. Each partner’s liability is limited to their investment in the LLP, and they are protected from the actions of other partners.