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All organizations and individuals producing and trading VAT taxable goods and services pay VAT, regardless of whether they have Vietnam-resident establishments. Vietnam has three VAT rates: 0 percent, 5 percent and 10 percent. 10 percent is the standard rate. A variety of goods and service transactions qualify for VAT exemption. [105]
The existing general sales tax laws were replaced with the Value Added Tax Act (2005) and associated VAT rules. A few states (Gujarat, Tamil Nadu, Rajasthan, Madhya Pradesh, Chhattisgarh, Jharkhand, Uttarakhand and Uttar Pradesh) opted to stay out of VAT taxation system during the initial introduction of VAT but adopted it later.
17% (imported goods) Taxation in San Marino São Tomé and Príncipe: 25% — — — Taxation in São Tomé and Príncipe Sark: 0% [202] 0% 0% (Note: There are taxes on property and personal capital, maximum at £6,500.) 0% 0% Document duty charged on real estate transfers from estates performed by a Guernsey Advocate: Taxation in Sark Saudi ...
In many states, resale includes rental of the purchased property. Where the purchased property is not exactly the property resold, the purchase may be taxable. Further, use of the property before sale may defeat the resale exemption. [28] Goods purchased for free distribution may be taxed on purchase in some states, and not in others. [29]
An indirect tax (such as a sales tax, per unit tax, value-added tax (VAT), excise tax, consumption tax, or tariff) is a tax that is levied upon goods and services before they reach the customer who ultimately pays the indirect tax as a part of market price of the good or service purchased. Alternatively, if the entity who pays taxes to the tax ...
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").
All registered businesses must charge VAT on the full sale price of the goods or services that they provide unless exempted or outside the VAT system. The default VAT rate is the standard rate, currently 20%. [2] Some goods and services are charged lower rates (reduced or zero).
The federal government and local governments are entitled to levy taxes on citizens and companies. The federal government currently levies a value added tax, corporate income tax, and excise taxes. Some emirates levy property, transfer, excise and tourism taxes. Some emirates also charge corporate taxes on oil companies and foreign banks.