n IMFO : Official Journal of the Institute of Municipal Finance Officers - VAT - infrastructure projects




Extracted from text ... IMFO ? Summer 2005 32 Paying the cessionary - VAT Implications It has become a common practice for municipalities to enter into tripartite agreements with contractors and their suppliers. Contractors undertake to perform substantial infrastructure projects for which significant supplies are required. Suppliers of material are often unwilling to supply their goods without some security that they will be paid. As security for amounts owing by the Contractors to the suppliers of such goods or services sold to the Contractor, the Contractor agrees to cede to the Supplier amounts payable by the municipality to the Cedent under the Contract, in ..


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