answersLogoWhite

0

The Value Added Tax (VAT) for DBS, or Development Bank of Singapore, typically refers to the tax applied to goods and services in Singapore, which is currently set at 8% as of January 2023. However, financial services, including those provided by banks like DBS, are generally exempt from VAT. It's essential to check the latest regulations or consult with a tax professional for specific applications or changes.

User Avatar

AnswerBot

4mo ago

What else can I help you with?

Continue Learning about Accounting

Gross of vat and net of vat?

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.


How do you calculate vat intput and output?

To calculate VAT input and output, first identify the VAT you paid on purchases (input VAT) and the VAT you charged on sales (output VAT). Input VAT is the tax included in the cost of goods or services acquired for business use, while output VAT is the tax collected from customers on sales. To determine the VAT you owe to the tax authorities, subtract the total input VAT from the total output VAT. If the output VAT exceeds the input VAT, you pay the difference; if the input VAT exceeds the output VAT, you may be eligible for a VAT refund.


Is net of vat is the same with vat inclusive?

vat exclusive


Is net of vat and vat inclusive the same?

No, net of VAT and VAT inclusive are not the same. "Net of VAT" refers to the price before any VAT is added, while "VAT inclusive" indicates the total price that includes VAT. For example, if a product costs $100 net of VAT and the VAT rate is 20%, the VAT inclusive price would be $120. Understanding the distinction is crucial for pricing and accounting purposes.


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.

Trending Questions
Is a bank account considered part of the residuary estate? What is the cost of laryngoscopy? What should the checkbook balance be if you have outstanding checks that total 234.56 an ending balance of 508.50 and outstanding deposit of 57.50? If you received a 1099-MISC form from your employer who paid you cash and checks but didn't take out taxes how do you file your tax return and will you qualify for earned income credit if you made ar? Why is labor a variable cost? Which scheduling strategy minimizes the execution time at fixed cost of resources? Accrued interest on fixed deposit? When should the balance sheet be prepared? Your father died March 2008 how do you adjustment the standard tax deduction for his final tax return? What is a late lodgement? Which acquisition plan component should be deferred util a purchases request is received? How much can a self employed married man earn before paying tax wife not working wife not working? What mean of drafting memo? What are the requirements for making metrobank ATM account? What is the IRS Form 941 mailing address for Virginia with payment? What do you do with items on your credit report that show you as an authorized user and you are not anymore? Which IRS publication is used to calculate federal income tax withholding amounts from payroll checks? Why do some companies charge different prices for cash and credit purchases? What is the maximum you can make without filing a tax return? How much is the dependent exemption on New York state tax return in 2017?