Search results
Results from the WOW.Com Content Network
The supply must be for consideration (GST Act s9-15) to a relevant entity registered for GST (Div 23) in the course of enterprise (s9-20). This does not include employment or hobby income. Products made entirely in Australia, as well as supplies going to or from Australia, are all taxable.
Scheme II (without deductions) + 12% of basic salary for epf or social security 4% cess [ clarification needed ] and highest surcharge of 25% is applied on income tax. This makes the effective tax rate 39%.
GST was implemented at a single rate of 3% on 1 April 1994, with an assurance that it would not be raised for at least five years. To cushion the impact of GST on Singaporean households, an offset package was also introduced. Simultaneously, corporate tax rate was cut by 3% to 27%, and the top marginal personal income tax rate was cut by 3% to 30%.
All businesses are required to register for GST once their turnover exceeds (or is likely to exceed) $60,000 per annum. [38] Once registered, businesses charge GST on all goods and services they supply and can reclaim any GST they have been charged on goods and services they have purchased.
The Goods and Services Tax (GST) is an abolished value-added tax in Malaysia. GST is levied on most transactions in the production process, but is refunded with exception of Blocked Input Tax, to all parties in the chain of production other than the final consumer. The existing standard rate for GST effective from 1 April 2015 is 6%.
It replaced existing sales taxes for goods and services. In 1989, GST was increased to 12.5%, near the end of the Fourth Labour Government. In 2010, GST was raised again by the Fifth National Government, taking GST to 15%. [4]
Get AOL Mail for FREE! Manage your email like never before with travel, photo & document views. Personalize your inbox with themes & tabs. You've Got Mail!
Some people believed that the HST would generate significantly more revenue, because while the PST revenue was estimated at $5.083 billion for 2009/2010, several sources concurred and estimated a 5% GST revenue for British Columbia of about $5 billion (or a tax base at about $100 billion after the current GST exemption concerning the public ...