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Different rates of VAT apply in different EU member states. The minimum standard rate of VAT throughout the EU is 15%, although reduced rates of VAT, as low as 5%, are applied in various states on various sorts of supply (for example, domestic fuel and power in the UK). The maximum rate in the EU is 25%.
Companies with income up to $100,000, but greater than $50,000 pay a rate of 7.5% and companies with incomes of $50,000 or less pay a rate of 6.5%. [2] Under a budget deal reached on June 30, 2018, New Jersey's the rate will rise to 11.5% for companies with income over $1 million for the next two years.
From 1 January 2020, the valid VAT number of the customer is a material requirement to be able to apply the zero VAT rate for intra-Community supplies of goods in the EU. If the customer’s VAT number is not valid, 0% VAT rate cannot be applied. Companies must make sure that the VAT numbers of their customers are checked. [4]
Anyone who collects VAT becomes a VAT Trustee if they: register and collect a Business Identification Number (BIN) from the NBR; submit VAT returns on time; offer VAT receipts; store all cash-memos; and use the VAT rebate system responsibly. VAT Mentors work in the VAT or Customs department and deal with trustees. The VAT rate is a flat 15%.
5% (Fresh fruits and vegetables, books, newspapers) [132] 20% [133] Taxation in Latvia Lebanon [43] 17% 2% 25% 11% Taxation in Lebanon Lesotho: 25% — — — Taxation in Lesotho Liberia: 25% [134] — — — Taxation in Liberia Libya: 24.5%; 20% corporate tax plus a 4% Jehad tax plus a 0.5% tax on corporate income to pay for stamp duties ...
In response to the late-2000s recession, Labour Chancellor Alistair Darling announced in November 2008 that the standard rate of VAT would be reduced from 17.5% to 15% with effect from 1 December 2008. [16] [17] However, in December 2009, Darling announced that the standard rate of VAT would return to 17.5% with effect from 1 January 2010. [18 ...
Bottles of Dassai 23 sake are seen at Asahi Shuzo Co's facility in Iwakuni, Yamaguchi Prefecture, Japan, on July 7, 2022. (Noriko Hayashi/Bloomberg/Getty Images)
[5]: 98–99 Certain goods and services are required to be exempt from VAT (for example, postal services, medical care, lending, insurance, betting), [5]: 135 and certain other goods and services may be exempt from VAT ("zero rated") although individual EU member states may opt to charge VAT on those supplies (such as land and certain financial ...