A value-added tax (VAT) is a form of consumption tax.
You have standard rate VAT which is 20%, this covers mostly everything. You then have reduced rate VAT which is at 5%, this is normally for domestic fuel. Then there is zero rate VAT which is 0% and is for most food, childrens clothing etc.
Currently, the VAT rate in South Africa, is set at 14%.
Varies with country-some have no luxury tax on imports
It depends on what it is being charged on. The main VAT rate is 17.5% but the new Con-Dem Government is increasing it to 20% in January 2011.
Deferred output tax is recorded by the seller for the sale of things on credit, and the standard output tax is recorded for the sale of things that were paid for with cash.
The value added tax (VAT) in Israel is currently at 18%. This the standard rate and is used on most goods or services, imported or not.
As from yesterday (Monday), the standard rate of VAT in the UK is 15% for 13 months (until the end of 2009). The 'normal' standard rate of VAT in the UK is 17.5%, but it has been reduced by 2.5% in an attempt to boost the economy. There are two additional VAT rates: 'Reduced' rate VAT 5% is for items such as gas and electricity Zero rate VAT is for 'essential' items - most food, baby clothing etc. so it was but as of 1st January 2011 the vat rose to 20% from last years 17.5%
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 %
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.
Yes. QuickBooks supports Cash, Flat Rate, and Standard VAT accounting schemes for both monthly and quarterly VAT submissions. QuickBooks accounting software calculates the amount of VAT you owe and reminds you when itβs due. Our smart error-checking technology checks for common mistakes and lets you make an online submission directly to HMRC. Hope You Find This Useful, Peter
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