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A value-added tax identification number or VAT identification number (VATIN[1]) is an identifier used in many countries, including the countries of the European Union, for value-added tax purposes. In the EU, a VAT identification number can be verified online at the EU's official VIES [2] website. It confirms that the number is currently ...
In the United Kingdom, the value added tax (VAT) [1] was introduced in 1973, replacing Purchase Tax, and is the third-largest source of government revenue, after income tax and National Insurance. It is administered and collected by HM Revenue and Customs, primarily through the Value Added Tax Act 1994. VAT is levied on most goods and services ...
The VAT Information Exchange System (VIES) is an electronic means of transmitting information relating to VAT registration (i.e., validity of VAT numbers) of companies registered in the European Union. EU law requires that, where goods or services are procured within the EU by a VAT taxpayer, VAT must be paid only in the member state where the ...
Value Added Tax (VAT) is an indirect tax levied on the value creation or addition. The concept of VAT in Nepal was introduced in FY 2049/50 but the act was developed in BS 2050. VAT was implemented in 1998 and is the major source of government revenue. It is administered by the Inland Revenue Department of Nepal.
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 ...
His Majesty's Revenue and Customs (commonly HM Revenue and Customs, or HMRC) [4] [5] is a non-ministerial department of the UK Government responsible for the collection of taxes, the payment of some forms of state support, the administration of other regulatory regimes including the national minimum wage and the issuance of national insurance numbers.
Tax revenues as a percentage of GDP for the UK in comparison to the OECD and the EU 15. In 1971, the top rate of income tax on earned income was cut to 75%. A surcharge of 15% on investment income kept the overall top rate on that income at 90%. In 1974 the top tax rate on earned income was again raised, to 83%.
Making Tax Digital. Making Tax Digital ( MTD) is a UK government initiative that sets out a vision for the 'end of the tax return ' and a 'transformed tax system', announced in 2015 and originally intended to be in place by 2020. [ 1] HM Revenue and Customs (HMRC) states that the main goal of MTD is to make tax administration more effective ...