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A gross-up clause is also used when a payment that is made will be subject to taxes and the payer makes an additional payment to indemnify the recipient against the taxes – that payment will also be subject to tax. The sequence of additional payment, tax calculation, additional payment continues until the recipient receives the same amount ...
Value Added Tax termed 'Goods and Services and Sales Tax on Luxury Goods' Law ("Undang-undang Pajak Pertambahan Nilai atas Barang dan Jasa dan Pajak Penjualan atas Barang Mewah"/UU PPN and PPn BM): Law No. 8/1983, amended I by Law No. 11/1994, amended II by Law No. 18/2000, amended III by Law No. 42/2009, partially amended by Law No. 7/2021;
A gross receipts tax or gross excise tax is a tax on the total gross revenues of a company, regardless of their source. A gross receipts tax is often compared to a sales tax ; the difference is that a gross receipts tax is levied upon the seller of goods or services, while a sales tax is nominally levied upon the buyer (although both are ...
For households and individuals, gross income is the sum of all wages, salaries, profits, interest payments, rents, and other forms of earnings, before any deductions or taxes. It is opposed to net income , defined as the gross income minus taxes and other deductions (e.g., mandatory pension contributions).
Whatever the price of the good, the net price for which the sellers are selling is effectively the gross price less the amount of the tax. This makes the sellers supply the amount of the good as if the price were lower by the amount of the tax.
GDP – Gross Domestic Product; GDPR – General Data Protection Regulation; GDR – Global depository receipt; GFCF – Gross fixed capital formation; GL – General Ledger; GMV – Gross Merchandise Volume; GP – Gross Profit; GPO – Group purchasing organization; GRN – Goods Receipt Note; GRNI – Goods Receipt Not Invoiced; GSV ...
In South Africa, the turnover tax is a simple tax on the gross income of small businesses. Businesses that elect to pay the turnover tax are exempt from VAT . Turnover tax is at a very low rate compared to most taxes but is without any deductions.
One method, the gross method, involves simply recording the full amount of the invoice as a debit to accounts payable and a corresponding credit to cash. If any discounts are given, they are itemized as a separate credit to cash, plus the purchase price. The net method, on the other hand, begins with the purchase price, including any discounts ...