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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%.
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 ...
Even though the architect perhaps does all of their work in a mainland location, the architect needs to pay the State of Hawaii a 4% use tax on the architect's fee because the designed house is located in Hawaii (even if the house is never built). The tax is on the produced product which is the design and provided building plans.
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).
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 ...
The rollout of electric vehicle (EV) public charging devices in the UK slowed last year. Department for Transport (DfT) figures show as of January 1 there were 73,334 devices, up from 53,677 a ...
In the meantime, several countries led first by the European Union have begun to propose and implement digital services taxes (DSTs) which have a number of aims: [3] to raise tax revenues; to put pressure on other countries – in particular the United States – to reach an agreement; [9] and, arguably, [10] to create a level playing field until the OECD/G20 framework reaches an agreement or ...