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After importing, Company A sells the goods to another trader (Company B), charging the price of the goods plus VAT, but does not pay the VAT collected to the government; Company A becomes a "missing trader". The buyer, Company B, who has paid the VAT to Company A, can then reclaim the VAT paid from the tax authorities on its VAT return.
Traders collecting VAT can deduct the VAT incurred on their purchases from their VAT liability, and where the VAT paid exceeds VAT received, can claim a refund. The VAT period is normally two calendar months (other filing periodicity, such as four-monthly, and semi-annual also apply in certain circumstances). A VAT return is made on the 19th ...
Value added tax is structured as an all-phase tax with input tax deduction. If a taxable person provides a service to another taxable person, the former must pay the VAT on the service; the recipient can reclaim the tax paid as input tax from the Federal Tax Administration (FTA), but must also pay tax on his services to his customer.
Businesses that are established in one member state but which receive supplies in another member state may be able to reclaim VAT charged in the second state under the provisions of the Eighth VAT Directive (Directive 79/1072/EC). To do so, businesses have a value added tax identification number. A similar directive, the Thirteenth VAT ...
To mitigate double taxation, nonresident citizens may exclude some of their foreign income from work from U.S. taxation and take credit for income tax paid to other countries, and those residing in some countries with tax treaties may also exclude a few types of foreign income from U.S. taxation, but they must still file a U.S. tax return to ...
The journey to reclaim our republic has not been an easy one, that I can tell you. Those who wish to stop our cause have tried to take my freedom and indeed to take my life just a few months ago.
Prior to 2021, the tax functioned like a wealth tax by assuming a certain distribution of returns based on the amount of wealth, but, due to a court ruling, [14] the tax is now assessed solely on the actual distribution of assets. The assumed rate of return varies on the type of asset and, for 2023, is assumed to be 0.36% on cash and bank ...
The journey to reclaim our republic has not been an easy one — that, I can tell you. Those who wish to stop our cause have tried to take my freedom and, indeed, to take my life.