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In China, several taxes have a quarterly reporting requirement. The quarterly tax filings are usually required for CIT and VAT, among others. Taxpayers with quarterly filing deadlines must submit their tax returns within the first 15 days of the month following the end of each quarter (April, July, October, and January).
Application for VAT registration is done by filling the application form online or manually and TRA inspect the business site before approving any registration. One registered, the taxpayer is required to submit monthly VAT returns either with payment, repayment or a nil return before 20th of the month following the month of business.
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%.
Map of the world showing national-level sales tax / VAT rates as of October 2019. A comparison of tax rates by countries is difficult and somewhat subjective, as tax laws in most countries are extremely complex and the tax burden falls differently on different groups in each country and sub-national unit.
The deadline is 31 October for paper filings. ... Traders with low VAT liabilities may opt for six-monthly or four-monthly ... or may submit an appropriate form to ...
For a VAT and sales tax of identical rates, the total tax paid is the same, but it is paid at differing points in the process. VAT is usually administrated by requiring the company to complete a VAT return, giving details of VAT it has been charged (referred to as input tax) and VAT it has charged to others (referred to as output tax).
Businesses that meet the reporting criteria must submit a Beneficial Ownership Information Report to the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN), according to ...
VAT: 27% (standard), 18%, 5% Hungary quick tax facts for Individuals (2017), Source: Deloitte. [1] Income tax rate: 15% Capital gains tax rate: 15% Tax basis: Worldwide income Double taxation relief: Yes Tax year: Calendar year Return due date: 20 May (Tax authority prepares it electronically to everyone automatically) Withholding tax ...