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Topic: Value added tax

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In the News (Mon 19 Aug 19)

  ::Value Added Tax::
VAT registered person or entity is required to issue tax invoices every time the transactions are made showing details of nature and value of goods sold or services provided and also amount of VAT due.
Tax invoice is used as evidence for claiming input tax credit.
VAT return therefore must be filed on a monthly basis.
www.rd.go.th /publish/6043.0.html   (1220 words)

  VAT, Value Added Tax, VAT Tax Rules and Concept
VAT is an indirect tax, in that the tax is collected from someone other than the person who actually bears the cost of the tax.
VAT was invented by Maurice Lauré, joint director of the French tax authority, the Direction générale des impôts, as taxe sur la valeur ajoutée (TVA in French) in the 1950.
A Value Added Tax is a tax that is charged at each level of the manufacturing process was considered as a hybrid tax initially because of complexity.
www.economywatch.com /business-and-economy/vat.html   (461 words)

 [No title]
TAX: 15 percent value added tax assessed on CIF + duty.
TAX: There is a 15-20 percent value added tax, a 1 percent statistical tax, and a 1 percent community solidarity levy.
TAX: There is a 1 percent inspection administration fee applied on FOB; port surcharge of 7 percent applied on CIF + duty; possible 2-5 percent levy on certain imports (e.g., sugar and automobiles); and a 5 percent value added tax applied on CIF + duty + all other charges.
www.export.gov /logistics/country_tariff_info.asp   (4458 words)

 VAT Registration Online Value Added Tax Registration service provider in UK, Vat application register online. what is ...
This tax is also known as "goods and services tax" or GST in some countries, including Australia, Canada, Singapore, New Zealand etc. An indirect tax is, when tax is collected from someone other than the person who actually bears the cost of the tax.
Thus, the total tax imposed at each stage in the economic chain of supply is a constant fraction of the value added by a business to its goods and businesses has to borne the cost of collecting the tax rather by the state.
Input VAT is claimed by setting it against the output VAT for which the business is required to account to the government, or, if there is an excess, by claiming a repayment from the government.
www.formationshouse.com /vat_registration.htm   (1625 words)

 Quick guide to VAT
This means that these persons must pay VAT on their purchases but they have no obligation, or entitlement, to register and account for VAT.
The rates of VAT in force at present are zero per cent, 4.8 per cent (on livestock and greyhounds), 13.5 per cent and 21 per cent, according to the goods or services in question.
Cumulative taxation is avoided by the system of allowing traders to credit the tax borne on their purchases against the tax payable on their sales.
www.revenue.ie /revguide/vat.htm   (739 words)

 Added Value
Added Value is a non-profit organization promoting the sustainable development of Red Hook by nurturing a new generation of young leaders.
Added Value's work would not be possible without the on going support of our dedicated volunteers and individual donors.
Added Value is a federally recognized 501-C-3 organization, as a not-for-profit all deductions of material resources and funds are tax deductible.
www.added-value.org   (287 words)

 Provisional Regulation of Value-added Tax of PRC--News
  offset against, the purchases tax amount of current period, the excess amount of purchases tax may be carried forward for set-off in the subsequent period.
  Article 5 The sales tax amount of the taxpayer selling goods or taxable services shall be the amount of value-added tax which is assessed in accordance with the sales amount and the tax rate set out in Article 2 of this Regulation and collected from the purchaser.
  Article 8 The purchases tax amount shall be the amount of value-added tax which is paid or borne by the taxpayer buying goods or receiving taxable services (hereinafter referred to as the "purchase of goods or taxable services").
english.china.com /zh_cn/business/economy/11021617/20040830/11856113.html   (591 words)

 VAT - Value Added Tax Guide
Value Added Tax (VAT) is a tax on the final consumption of certain goods and services in the home market but is collected at every stage of production and distribution.
Companies should register for VAT if the value of your taxable supplies in the past 12 months or less has exceeded the current VAT registration threshold of £67,000 (from 1st April 2008; previously it was £64,000), or the value of your taxable supplies in the next 30 days alone is expected to exceed this threshold.
Once you are VAT registered, you will need to update your invoicing templates to take account of the additional tax you need to charge your customers.
www.bytestart.co.uk /content/taxlegal/9_17/value-added-tax-vat.shtml   (938 words)

 Value Added Tax (VAT) Accounting and Invoicing by OWL Software
OWL Software is pleased to introduce easy to use accounting and invoicing software that has been specially tailored to meet the needs of users who are required to track and report either Goods and Services Taxes (GST) or Value Added Taxes (VAT).
GST / VAT Accounting (GVA) is an easy-to-use program that is designed to maintain complete and accurate accounting of income and expenses with particular emphasis on tracking Canadian style Goods and Services Taxes (GST) or Value Added Taxes (VAT) taxes that are both collected and paid.
Special tax reports provide information needed when filing GST / VAT taxes.
www.owlsoftware.com /gstvat.htm   (699 words)

 Bruce Bartlett on the Value-Added Tax (VAT) on NRO Financial
Looking at the data, the average increase in VAT rates for countries where the tax was established before 1974 is 7 percentage points and the median is 6.5 percent.
In Japan, taxes as a share of gross domestic product have fallen from 29.8 percent in the year the VAT was introduced to a current level of 25.8 percent.
Serious academic studies have concluded that the VAT cannot be blamed for raising the overall burden of taxation even in countries where it was a new tax and not a replacement for some existing tax.
www.nationalreview.com /nrof_bartlett/bartlett200503090845.asp   (919 words)

 VAT (Value Added Tax) Refund Specialists - INSATAX
Whether you are after information about international VAT refunds, VAT recovery, VAT reclaim, sales tax refunds, VAT rules, Import VAT, Export VAT and more, a number of services are available in order to assist you with some of your VAT-related needs.
We recommend sending us your original invoices via courier, keeping copies for your files (the originals will be returned after processing).
They may call it VAT, or something else altogether (for simplicity, we will use VAT).
www.insatax.com   (301 words)

 Vertex Inc.: Breastcancer.org
This is one of the reasons Vertex has received the coveted "Best Places to Work" accolade in 2001 and 2002.
Vertex Inc. is the leading provider of tax technology solutions featuring products and process management services for more than 10,000 customers worldwide.
Vertex solutions help companies streamline tax compliance processes, and leverage information to discover new strategic tax savings that enhance decision information across every major line of business tax, including income, sales, consumer use, value added, communications, and payroll.
www.vertexinc.com /AboutVertex/comm_outreach.asp   (355 words)

 Value Added Tax
now required to pay VAT on their receipts on an accrual basis even though the payment may be delayed for some time.
A 5% non refundable VAT to be paid by persons who are on the border of the VAT threshold of Rs.
2.7 VAT changes to selected industry segments: these changes are stated under each specific industry heading.
www.ey.com /global/content.nsf/Sri_Lanka/Value_Added_Tax   (935 words)

 Tax Consultants Guide > VAT Quick Guide
If you have a significantly large income tax bill it may be worth seeking the advice of a tax consultant who specialises in film partnerships, an excellent investment vehicle that can be used to shelter your income for up to three years back...
Inside the Tax Consultants Guide you will find a range of tax and finance articles, some of the articles come directly from us and others are provided by tax and financial consultants who are experts in the financial services industry.
Tax Consultants Guide uses the generic term tax consultant when referring to any specialist consultant who is able to assist you with your taxes and reduce your taxation liability.
www.taxconsultantsguide.com /Articles/article_18.htm   (1932 words)

 Beware the Value-Added Tax
The statistics are echoed in research conducted by the Tax Policy division of the U.S. Chamber of Commerce and published in a 1986 study that examined tax and spending growth between 1965 and 1982.
The economic dam­age caused by a VAT is partly due to the increase in the aggregate tax burden.
Yet a VAT is evenly distributed among income classes, meaning that the imposition of such a tax would reduce the relative progressivity of the over­all tax burden.
www.heritage.org /Research/Taxes/bg1852.cfm   (5123 words)

 Value Added Tax, VAT, Bookkeeping Course
The VAT on Inputs Account - This account will usually show a debit (the VAT authorities "owe" you money for the VAT you have paid and that are entitled to receive from them).
The VAT on Transactions Account - This account will usually show a credit (the VAT Authorities are "entitled" to receive the VAT from you that you have collected from them.
The account balance may show a credit, when the periodic report to the VAT is for a payment to be made, or it may show a debit when the periodic report shows that that money is to be returned.
www.bookkeeping-course.com /lesson11.asp   (211 words)

  Irish Taxation Institute - Irish Tax System - VAT
Value added tax is chargeable on the supply of goods and services within the State by a taxable person in the course or furtherance of any business carried on by him, and on goods imported into the State from outside the EU.
VAT is also chargeable on the intra-Community acquisition of goods by VAT registered persons and on the intra-Community acquisition of new means of transport such as motor vehicles, boats etc. by either a registered or unregistered person.
Taxable persons account for VAT on their outputs and they are allowed credit against this liability for tax borne on business purchases and other inputs as evidenced by correctly prepared VAT invoices.
www.taxireland.ie /irishtaxsystem/vat.asp   (642 words)

  Value added tax - Wikipedia, the free encyclopedia
VAT is an indirect tax, in that the tax is collected from someone other than the person who actually bears the cost of the tax (namely the seller rather than the consumer).
VAT was invented by a French economist in 1954.
VAT differs from a conventional sales tax in that VAT is levied on every business as a fraction of the price of each taxable sale they make, but they are in turn reimbursed VAT on their purchases, so the VAT is applied to the value added to the goods at each stage of production.
en.wikipedia.org /wiki/Value-added_tax   (3480 words)

 [No title]   (Site not responding. Last check: )
In this way, the total tax levied is a fraction of the value added by a business to its products, and most of the cost of collecting the tax is borne by business, rather than by the state.
A common VAT system is compulsory for members of the European Union, under directive 77/388/EEC, which specifies a minimum rate of 15% although different rates apply in the various member states.
The difference from conventional sales tax is that it is levied on every business as a fraction of the price of each sale they make, but they are in turn reimbursed VAT on their purchases, hence the tax is applied to the value of the goods that has been added.
wikiwhat.com /encyclopedia/v/va/value_added_tax_1.html   (374 words)

 value-added tax
General consumption tax assessed on the value of goods and services, applied at each stage of the production of a commodity, and charged only on the value added at that stage.
It is a general tax because the tax applies to all commercial activities that involve the production and distribution of goods and the provision of services; and a consumption tax because the burden falls on the consumer.
The laws establishing the value-added tax are still national laws, and so while the EU attempts to move to a broadly uniform VAT system and rate it has yet to achieve it.
www.tiscali.co.uk /reference/encyclopaedia/hutchinson/m0029672.html   (369 words)

 EUROPA - Taxation and Customs Union / How VAT works
The Value Added Tax, or VAT, in the European Union is a general, broadly based consumption tax assessed on the value added to goods and services.
The VAT due on any sale is a percentage of the sale price but from this the taxable person is entitled to deduct all the tax already paid at the preceding stage.
VAT on services is paid at the place where the service has been supplied.
ec.europa.eu /taxation_customs/taxation/vat/how_vat_works/index_en.htm   (1790 words)

 Value Added Tax (VAT)
VAT (value added tax) will be introduced in Slovenia on 1 July this year and will be calculated using two rates the general rate will be 19% and the reduced rate will be 8%.
However, the VAT payer will be allowed to subtract, as an input tax for his other tax liabilities, the VAT which he paid to another taxpayer positioned ahead of him in the tax chain for those goods and services for which he himself is liable for VAT payment.
Input VAT will be deducted only if it is stated in the invoices or customs declarations for the imported goods for the tax period during which the taxpayer received these invoices or declarations.
www.uvi.si /eng/slovenia/background-information/value-added-tax   (826 words)

 Germany Info: Business & Technology: Tax Information
Value added tax, or VAT (European version of sales tax), is a broadly based consumption tax chargeable on all public and private consumption, i.e.
VAT paid on intra-European Community purchases is also deductible as input tax, as is the VAT paid by a business to a customs officer for goods imported from non-EU countries.
The value added tax is thus classified as an indirect tax because it is collected from the consumer by the tax authorities via the entrepreneur.
www.germany.info /relaunch/business/taxes/german_tax_vat.html   (1221 words)

 Value Added Tax   (Site not responding. Last check: )
VAT is essentially a consumption tax that was introduced in Trinidad and Tobago on January 1, 1990, at a standard rate of 15%.
VAT Administration falls within the responsibility of the Board of Inland Revenue -VAT Administration Centre.
VAT 1 requests the Board of Inland Revenue (B.I.R.) number as well as information related to the commercial supplies of the business.
www.investtnt.com /archives/business/vat.htm   (450 words)

 Value Added Tax
Half of the value is going to be the influence on the annual level as it comes to the half-yearly period.
The tax officer defines special status in case of non-completed investigation or inspection as -2 or -3 respectively and the tax period is closed for the taxpayer in question.
At the beginning the tax officers have been fairly uncertain and cautious, however, the situation is improving rapidly as they resolve several calculated errors through the contact with the taxpayers.
www.uvi.si /eng/slovenia/background-information/vat   (1115 words)

 value-added tax - HighBeam Encyclopedia   (Site not responding. Last check: )
VALUE-ADDED TAX [value-added tax] (VAT), levy imposed on business at all levels of the manufacture and production of a good or service and based on the increase in price, or value, provided by each level.
Value added tax could complicate traditional local revenue streams.
A value-added tax and state and local governments: lessons from Canada.
encyclopedia.infonautics.com /html/v/valueadd.asp   (259 words)

 VAT/GST Refund Information
Value Added Tax (VAT) is a form of indirect tax applied to the value added at each stage of production (primary, manufacturing, wholesale and retail).
VAT may be calculated by the subtraction method or credit method.
The subtraction method applies the tax to the difference between the value of the purchases and the value of outputs.
www.traveltax.msu.edu /vat/vat.htm   (684 words)

 The Law of Turkmenistan
A value-added tax is a procedure for a part of an added value, being created at all stages to produce goods (works, services) to be assigned to budget.
A value-added tax value, being assigned to budget by entities, being engaged in entrepreneur business free of forming a legal entity in accordance with the present Law Article 2, is to be excluded from physical entities profit, being levied on withholding tax.
Regulations on Turkmenistan National Tax Inspectorate are to regulate payers' responsibilities for tax legislation being infringed, a procedure for tax inspectorate to exercise supervision and operations for tax officials to be appealed in the court.
www.tax.gov.tm /english/law0019en.html   (1701 words)

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