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A value-added tax (VAT or goods and services tax (GST), general consumption tax (GCT)) is a consumption tax that is levied on the value added at each stage of a product's production and distribution. VAT is similar to, and is often compared with, a sales tax .
"TRAIN aims to clean up the VAT system to make it fairer and simpler and lower the cost of compliance for both the taxpayers and tax administrators". [25] As such, VAT exemptions are now only limited to health, education and raw agriculture food. In 2019, medicines for hypertension, high cholesterol and diabetes will be exempted from VAT.
The value-added tax was originally introduced in 1993, only to be abolished 9 years later, at the end of 2002. [7] As of 2003, after the tax reform, Ethiopia imposed a value added tax on all goods produced in the nation and all imported goods and services not exempt; the tax is rated at 15% on every transaction at each stage of manufacturing. [8]
Aims at the harmonization of the laws of the Member States relating to turnover taxes and creates a common system of value added tax as a uniform basis of assessment. [3] This Directive replaces Directive 77/388/EEC. [4] Context: Council Implementing Regulation No. 282/2011. Council Directive 2008/8/EC of 12 February 2008
The European Union value-added tax (or EU VAT) is a value added tax on goods and services within the European Union (EU). The EU's institutions do not collect the tax, but EU member states are each required to adopt in national legislation a value added tax that complies with the EU VAT code. Different rates of VAT apply in different EU member ...
The Perishable Agricultural Commodities Act, 1930 (PACA), enacted 10 June 1930 and codified as Chapter 20A of Title 7 of the United States Code, is a law that authorizes the regulation of the buying and selling of fresh and frozen fruits and vegetables to prevent unfair trading practices and to assure that sellers will be paid promptly.
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The third largest source of government revenues is value-added tax (VAT), charged at the standard rate of 20% on supplies of goods and services. It is therefore a tax on consumer spending. Certain goods and services are exempt from VAT, and others are subject to VAT at a lower rate of 5% (the reduced rate) or 0% ("zero-rated").