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VAT is levied on most goods and services provided by registered businesses in the UK and some goods and services imported from outside the UK. [2] The default VAT rate is the standard rate, 20% since 4 January 2011. Some goods and services are subject to VAT at a reduced rate of 5% (such as domestic fuel) or 0% (such as most food and children's ...
The Value Added Tax Act 1994 is a UK tax law, concerning taxation of goods and services that fall within the scope of Value Added Tax (VAT). [1] It came into force on 1 September 1994. The Value Added Tax Act 1983 was repealed and replaced by this legislation. [2]
Certain goods and services must be exempt from VAT (for example, postal services, medical care, lending, insurance, betting), and certain other items are exempt from VAT by default, but states may opt to charge VAT on them (such as land and certain financial services). Hungary charges the highest rate, 27%. Only Denmark has no reduced rate. [57]
Certain goods and services are exempt from VAT, and others are subject to VAT at a lower rate of 5 per cent (the reduced rate, such as domestic gas supplies) or 0 per cent ("zero-rated", such as most food and children's clothing). [57]
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.
Global map of countries by tariff rate, applied, weighted mean, all products (%), 2021, according to World Bank.. This is a list of countries by tariff rate.The list includes sovereign states and self-governing dependent territories based upon the ISO standard ISO 3166-1.
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 ...
The Sixth VAT Directive requires certain goods and services to be exempt from VAT (for example, postal services, medical care, lending, insurance, betting), and certain other goods and services to be exempt from VAT but subject to the ability of an EU member state to opt to charge VAT on those supplies (such as land and certain financial ...
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