Real Estate
VAT on Property Sale (Jordan)
Recording the 16% Sales Tax on the sale of a commercial property in Jordan.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Cash / Accounts Receivable | Asset (+) | 1,160,000.00 | - |
| Property Sales Revenue | Revenue (+) | - | 1,000,000.00 |
| Sales Tax Payable (VAT Output) | Liability (+) | - | 160,000.00 |
💡 Accountant's Note
Commercial property sales in Jordan are subject to 16% Sales Tax. Residential property is generally exempt. VAT collected is a liability to the ISTD.
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