10.37.3. VAT

Revenue, costs and assets are recognised less VAT, except:

• when VAT paid upon the purchase of assets or services is not recoverable from the tax authorities; then, it is recognised accordingly as a part of the purchase price of a given asset or a part of the cost item; and
• for receivables and liabilities recognised including VAT;
•  the net VAT amount recoverable from or payable to the tax authorities is recognised in the balance sheet as a part of public law receivables or payables.