VAT and revenue are some of the most important sources of funds for the government. The money is used in paying civil servants and provision of services such as security.
No not really but I do come from Africa and Nigeria
To generate revenue for the treasury to pay for public services, defence, government etc.
Computer A/C Dr.150000 VAT Input19500 To Global Digitronix 169500(Being Computer purchase from Global Digitronix on credit)169500169500
The UK Government HM Revenue and Customs website has official guidance on how to correctly fill in / keep a VAT accounts book. Please see the related links.
According to the HM Revenue and Customs website, VAT was temporarily reduced from 17.5% to 15% on the 1st of December 2008 and it returned to 17.5% on the 1st of January 2010. Please see the related link.
natural gas, ready-made garments, VAT, income tax
VAT registration is completed by carefully filling out form TR1 or TR2, both available on the Ireland Revenue website, then forwarding the form to one's local revenue district. It is important to include one's name, address, business type, PPSN and relevant tax types. The form must also be signed and dated.
Yes Value Added Tax (VAT) is added to the cost of a funeral as its considered providing a service. Providing a service is chargeable for VAT purposes under the current rules from HM Customs and Revenue. VAT is currently (as October 2012) charged on top of the provision of the service at 20% of the total goods or service provided.
The types of VAT........ 1 ) INPUT VAT @ 4 % 2 ) INPUT VAT @ 1 % 3 ) INPUT VAT @ 12.5 % 4 ) OUTPUT VAT @ 1 % 5 ) OUTPUT VAT @ 4 % 6 ) OUTPUT VAT @ 12.5 %
It's highly unlikely as it's a very successful method of raising revenue. The current rate on most purchases is 20%
There is no such term as gross of VAT. The amount with VAT is called the gross amount while the net of VAT is the amount after the VAT has been deducted.
VAT that is charged by a business and paid by its customers is known as "output VAT" (that is, VAT on its output supplies). VAT that is paid by a business to other businesses on the supplies that it receives is known as "input VAT