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Asked in Taxes and Tax Preparation, Nigeria
What is the importance of vat and revenue generation in nigeria?
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. ...
Asked in South Africa, Africa
How does the government collect revenue in South Africa?
It collects taxes through the South African Revenue Services. Import tax, VAT, company tax and personal income taxes ...
Asked in US Constitution
What role does the senate have in revenue legislation?
The House of Representatives originates the revenue legislation. The Senate then has the opportunity to Approve or Amend. ...
What is accounting treatment for 'vat' in the books of accounts?
for VAT on sales: Debit Receivables Credit VAT Credit Sales for VAT on purchases: Debit VAT Debit Purchases Credit Payables ...
Can a vat vendor claim input vat on goods purchased from a non vat vendor?
Assuming that we are a registered VAT vendor, when we make a purchase from a non-VAT vendor we cannot claim any VAT input from the purchase due to the fact that no VAT was charged on the supply by the supplier who is a non-VAT vendor. ...
What is input and output VAT?
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 ...
What is the difference between vat exclusive and vat inclusive?
The difference between vat exclusive and vat inclusive is that vat exclusive is the price before tax is added on. Vat inclusive is the price after tax has been added on. ...
Asked in Taxes and Tax Preparation
Is there Value Added Tax on funeral expenses in the UK?
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. ...
Asked in United Kingdom, London
Will the VAT be abolished soon in the United Kingdom?
It's highly unlikely as it's a very successful method of raising revenue. The current rate on most purchases is 20% ...