Saint Lucia Chamber Of Commerce, Industry & Agriculture. Questions on the VAT White Paper
|
|
- Mervin Holland
- 8 years ago
- Views:
Transcription
1 Saint Lucia Chamber Of Commerce, Industry & Agriculture Questions on the VAT White Paper Section Question Answer General comments Introduction The simulation presented (which is seriously flawed in its pricing methodology) demonstrates that of all the parties involved in the trading process, (Government [tax], consumer [purchaser] and private sector [vendor]), the private sector should be the one that will not be in a better position in the final analysis. Surely, the local economy cannot be asked to subsidize the consumption of hotel services and tourism infrastructure. What exactly constitutes Hotel Accommodation needs to be defined. And does it mean that VAT will be applied on other services provided by the Hotel Sector? What makes the hotel sector in St. Lucia deserving of such special treatment? This treatment is opposed by the Chamber on a number of grounds. The VAT is a tax on consumption and thus does not affect competitiveness but rather it affects profitability. It is unfair to the rest of the business community. We suggest Government review the list to ensure that it is not too long or some key items have not been left out. As a general principal the Chamber suggests an extremely short list of exempt and zero rated items. This is just an example. The VAT Implementation Project Team is in no position to determine pricing methods used by businesses. Under the Draft VAT Bill, a hotel is defined as a building or group of buildings in the state occupied together, comprising not less than five bedrooms for the purpose of providing hotel accommodation for reward. Accommodation is defined as sleeping accommodation. Under the VAT system, it is recommended that only hotel accommodation be exempt from VAT. All other services provided by the hotel will attract VAT, unless otherwise stated in the legislation. Based on consultations with the Ministry of Tourism, the Saint Lucia Tourist Board, and the Saint Lucia Hotel and Tourism Association, the recommendation was made that hotel accommodation be exempt from VAT. Noted
2 Registration Taxable Supplies Zero-rated Supplies It is conspicuous that one of the most contentious issues in the WTO, where St. Lucia is concerned, i.e. the Customs Service Charge, has not been signalled as having to be repealed. Serious consideration must be given to allow the Environmental Levy to continue. The importance of cleaning the environment cannot be overemphasised and the St. Lucia Chamber of Commerce, Industry and Agriculture strongly recommends the keeping of the Environmental Levy and its use for the stated purpose. One should note, that though this Levy was initially removed in Barbados, it has resurfaced. Clarification is required; does this include institutions set up by statute that are tax exempt, such as those with development agency status, business associations, sporting institutions and facilities that send out bills and pay VAT and statutory institutions that provide services to the public? How should firms display their prices? VAT inclusive or VAT excluded only to be shown at the check- out counter? Should VAT be charged on original price or the Special price? Treatment of Hire Purchase Why are duty-free goods zero rated and not subject to VAT? This is a policy decision made by the Ministry of Finance. Noted Once those institutions referred to meet the threshold in respect of their taxable activity then they will be required to register. All prices for registered taxpayers will be VAT inclusive and receipts will indicate the total VAT charged. VAT is to be charged on the price payable original or discounted It has been decided that for hire purchase the supply is deemed to be made when the credit agreement is made. This is distinct from rental of goods and the supply of services where payments are made successively and in which cases the VAT is due per periodic payment becoming due or made. The principle of the operation of duty free shopping dictates that when the item is sold for export no taxes are payable. If however the good is sold for local
3 Exempt Supplies Educational Services: needs clarification to explain what services are contemplated. For instance, the Chamber hires trainers and facilitators to conduct workshops and training programs. Is this taxable? What about the payment by students and other individuals of lessons to teachers? Is this VAT exempt and why? consumption all applicable taxes are to be levied and collected. education services means tuition or instruction for students provided by an institution recognized by the Ministry of Education pursuant to the Education Act, Cap whether public, private, assisted or denominational, being (a) a pre-primary, primary, or secondary school; (b) a technical or vocational school or college, community college, or university; or (c) an educational institution established for the promotion of adult education, vocational training, technical education; or (d) an institution established for the education or training of physically or mentally disabled persons; (e) an institution established for the training of sports persons. Educational training provided privately (by the Chamber of Commerce for example) would not normally fall under the definition of educational services. If the Chamber were to hire a trainer or facilitator, that trainer or facilitator would charge the chamber VAT if the trainer of facilitator is a registered person. If the Chamber of Commerce is itself a registered person, then it would charge VAT to the recipients of the training on any fee or charge they must pay to attend the training session.
4 Students in recognised educational institutions would not be charged VAT or pay VAT for teaching lessons. The educational services would be exempt. Outside of that setting (in private lessons for example) the student would only have to pay VAT if the teacher is a VAT registered person. Exempt Imports Based on the listing, one expects that there will be VAT placed on sale of commercial property. What about the stamp duty, will the VAT be additional or will stamp duty be repealed? Due notice is taken of the fact the residential accommodation is VAT free, is there an appreciation of the impact of imposing a 15% VAT on commercial accommodation? Will Government pay VAT on goods they purchase? Members in the Security Business are suggesting that in light of the high crime rate security equipment should be VAT exempt. How would goods that a firm has concessions for be treated? Will there be need to have their concessions amended or will they be attract a VAT? Will Tax Free have to be refined to now mean VAT free? Stamp duty is not one of the taxes recommended to be replaced by VAT. Registered businesses will be allowed to claim input tax credits on commercial accommodation. Yes. Government becomes another consumer. Noted. All concessions granted under the Consumption Tax and Environmental Levy Acts will cease immediately on the repeal of the legislation and the commencement of the VAT. Other concessions of Import Duty, Customs Service Charge and Excise Tax will be unaffected. Goods and services will be classified as taxed (at the VAT rate of 15 percent), zero-rated or exempt. Payments How does the VAT treat bad debts? When a registered business incurs a bad debt, there will be provision under the law for the business to claim an input tax deduction in the amount of the bad debt. In order for the business to be able to claim the input tax deduction, it must write off the bad debt in
5 its accounts and it must satisfy the comptroller that reasonable efforts have been made to cover the amount. The deduction will be allowed only if the supply was made to (1) an unregistered person or (2) to a registered person and the person claiming the deduction issued a tax credit note to the registered purchaser listing the amount claimed. If the bad debt or any portion of it is subsequently recovered, then the business must account for it. Is VAT payable only on cash sales or cash collected? Is VAT payable on interest charged on a late bill? Is VAT levied when an invoice is raised or when it is collected? Are we to understand that VAT is only paid on the difference between what you paid and collected. The time frame for filing VAT is too short, needs to be extended How exactly will VAT affect vehicles that have an excise tax? The issue of how bad debt and returned cheques needs to be set in a clear policy How does VAT work in cases of bankruptcy? VAT is payable on the sale, not only on cash received. No. VAT is only payable on the selling price of the good or the charge for the service. VAT is levied when an invoice is raised, not when cash is received. The VAT payable is the difference between the VAT due/chargeable (including cash collected) on a sale and the allowable VAT paid/payable on inputs/purchases and imports. Noted. Will be reflected in the report. It is being recommended that the Excise Tax be adjusted downwards to compensate for the application of VAT. Addressed earlier. NB. The registered taxpayer however has to confirm that efforts have been made to recover outstanding debts or collection is remote. A bankrupt business would more than likely be refunded most/all input tax paid as there would no
6 sales to be deducted from. The business would need to inform the IRD of their operations when sales are declining. (De-registration/Cancellation) Refunds Accounting and Records A specific suggestion is that VAT should be recovered from Government when a traditional receipt is produced by a business house. This way even though a firm may produce a VAT invoice showing that they have been charged for VAT, unless they actually pay the VAT to the firm they should not be allowed to claim it. This will resolve many of the questions raised above with credit and bad debt and VAT due. This essentially has the business funding the operations of Government at an interest free rate while they are more than likely paying high interest rates to the banks. This is dangerous and may lead to further undercapitalizing of business. A better approach is that is less costly to the Business Community is needed. This is 90 days credit to Government but Government, only wishes to offer 21 days credit. So Government is borrowing long and lending short The interest rate that Government should pay should be prime plus or at least the same that the Business Community pays at the bank. The Business Community cannot afford to finance Governments operations Government must examine whether it is useful to secure international funding to support the VAT readiness of some members of the Business Community either through financing of new equipment, software and hardware as well as staff training and business reorganization. The Chamber stands ready to work with Government in executing such a program of Business Development. The concept of a VAT invoice and a VAT receipt must be viewed in context of the role they play in the administration of the tax. The issuance of a VAT invoice is equated to the writing of a cheque against the Treasury as it entitles the recipient to claim input tax that has not been paid. The tracking of payments between registered taxpayers is not a suitable alternative. A VAT receipt is only issued to a final consumer. The carry forward of any surplus input VAT is a standard feature of many jurisdictions. It must be noted that the credit can be used in the following month to account for any payment that may arise output VAT payment. In effect the credit may be all exhausted before it becomes refundable. Taxpayers will have the benefit of any tax collected during the month e.g. JAN 1 FEB 21 before it becomes payable to the IRD. Noted. Noted and will be considered prior and during registration / transition period.
7 Objections and Appeals The firm must pay fifty percent of the amount in dispute, if they object, in addition to all that is not in dispute, again tying up finances of the business. Is there a minimum time for the Appeal Commission to meet and rule? Does the 50% payment earn interest? The legislation will have a limited period of time within which the Appeals Commission must give a decision. That period of time is proposed as 180 days from the date an objection was lodged. Yes the 50% of the amount in dispute will earn interest should it be returnable to the taxpayer. The rate of interest will be specified in the regulations. Penalties Explanation of the Non-compliance with pricing requirements phrase is required? Does Government plan to institute more price control and how does Government envisage the existing system working? Non-compliance with pricing requirements refers to a registered business not including the VAT in its displayed or advertised prices as will be required under the law. The continuation or expansion of the price control is a matter of Government policy. The project envisions a more expanded role for the Consumer Affairs Department. Agricultural Sector One notes the differential treatment of Agricultural products sold in the formal and informal sector. The formal and informal sector needs definition and clarification. This will make locally grown food more expensive, simply because it is sold in supermarkets. Has anyone taken time to examine what volumes of agricultural produce are sold in supermarkets compared to other areas? The treatment of a good or service is the same whether in the formal or informal sector and the application of VAT will be non- discriminatory being levied at the same rate on domestic production and imports. Education Need to define educational services and education establishments. Please see the response to the question on educational services under the section Exempt Supplies Exports A definition of the Export Sector is required. Are these all goods and services that are being exported? Or is that all manufacturing? Please define what makes up the export sector. Exports include any transaction by a registered taxpayer in the manufacturing, wholesale, retail or services sector where the supply of a good or service to any person outside of Saint Lucia.
8 Duty Free Shopping Small Business Small Business Businesses enjoying Fiscal Incentives Is there any particular reason why duty free goods cannot attract a VAT even though it is being exported and attracts no duties? How did we arrive at $120,000 as the cut-off point? The narrative in this section demonstrates a lack of sensitivity to how businesses operate. By suggesting upfront that the public can expect the price of goods sold by small businesses to increase will create a self fulfilling policy. In fact, there may be no business reason for prices to rise in the small business sector. The White Paper has provided an excuse and an expectation that prices will rise. And no doubt most of, if not all small business will add on the 15% VAT that they pay but cannot pass on to the consumer. One also has to consider the impact on small suppliers who may be dropped by their buyers who may see a disadvantage of trading with a non-vat registered business, on whose suppliers they cannot claim a refund, versus another from whom they can. It would appear that an opportunity has been missed to examine the impact of fiscal incentives on Government Revenue and the actual contribution made and impact of those incentives on those firms benefitting. See above comments for Zero-rated supplies and Exports A study was conducted by CARTAC to determine the recommended number of taxpayers to allow for an efficient VAT system. The VAT Implementation Project Office worked together with the Inland Revenue Department to determine the ideal threshold to be used to generate the recommended number of taxpayers. What this section attempts to say is that the difference in price between the purchase and sale of the item will increase by at least the amount of VAT paid on purchase. This is because small businesses are not required to register for VAT, and therefore cannot claim input tax credits. The VAT paid on purchases will be absorbed in the cost of the item. It is not intended to provide an excuse for an overall increase in price. We have considered the impact and we have indicated that there will be voluntary registration for small businesses. Noted. Transitional What is a short period of time? Will GOSL mandate SLASPA Discussions are continuing on this subject and the
9 Issues Economic Impact to make appropriate arrangements by clearing the area of empty containers so there will be space and will this be at no cost or low cost? Can the existing Customs database track and indicate the quantity of stock on island at any point in time and duty paid? Can businesses be required to conduct a stock take which will be opened to verification? The first statement in paragraph four in this section is incorrect. VAT will not transform the overall tax system nor will it make it simpler, reducing the cost of compliance by businesses. The overall tax system will not be touched and transformed by VAT. VAT will tackle only a small component of the tax system. It will complicate the record keeping and the administrative system and process for business. This is a fact and should be properly represented. The second line is also incorrect, to suggest that under VAT, the investment climate would be strengthened. St. Lucia s existing tax system is not foreign to any investor and has never been seen or judged to be complex and confusing. Also, as it stands right now, the average foreign investor faces minimal additional charges once they are granted our most liberal incentives and concessions. These have been heavily criticized by the IMF and others, due to its impact or lack of positive impact on GOSL tax revenue. It is thus confounding why such a statement will be made in the White Paper. It is also incorrect to suggest that VAT is designed to be revenue neutral. outcome will be made available for discussion. The Customs database tracks import transaction and not disposal after clearance. Thus a clear indication of stock on island would not be available from that source. The requirement for a stock take has not been fully explored at this time as well as the idea of the transition credit. VAT is a platform for tax reform. It is a simpler system to administer, it replaces a number of taxes, therefore reducing the different pieces of legislation, it allows for a higher compliance level, and it minimizes exemptions. Noted. VAT is designed to be revenue neutral. There is no history of a sales tax in Saint Lucia, therefore noone can predict how VAT will perform. We recognize that VAT broadens the taxation base and also provides for higher compliance than the existing taxes. However,
10 based on exiting information on consumption, and using conservative estimates, VAT is revenue neutral.
Ministry Of Finance VAT Department. VAT Guidance for Land and Property Version 4: November 1, 2015
Ministry Of Finance VAT Department VAT Guidance for Land and Property Version 4: November 1, 2015 Introduction This guide is intended to provide businesses supplying land and property within The Bahamas
More informationMinistry Of Finance VAT Department. VAT Guidance for on the Treatment of Motor Vehicles Version 4: November 1, 2015
Ministry Of Finance VAT Department VAT Guidance for on the Treatment of Motor Vehicles Version 4: November 1, 2015 Introduction This guide is intended to provide those selling or hiring vehicles by way
More informationMinistry Of Finance VAT Department. VAT Guidance for Financial Services Version 4: June 09, 2015
Ministry Of Finance VAT Department VAT Guidance for Financial Services Version 4: June 09, 2015 Introduction This guide is intended to provide businesses offering financial services with information about
More informationST. CHRISTOPHER AND NEVIS VALUE ADDED TAX REGISTRATION GUIDE
ST. CHRISTOPHER AND NEVIS VALUE ADDED TAX REGISTRATION GUIDE Contents PURPOSE... 3 St. Kitts and Nevis Value Added Tax (VAT)... 3 Who is required to register?... 4 Who is a taxable person?... 5 What is
More informationTABLE OF CONTENTS. 1.1 What is Value Added Tax?...2 2.1 How does VAT Work?...2 1.3 The Collection of VAT on a fully Taxed Supply...
TABLE OF CONTENTS PAGE INTRODUCTION........1 CHAPTER 1 VALUE ADDED TAX BASICS 1.1 What is Value Added Tax?...2 2.1 How does VAT Work?...2 1.3 The Collection of VAT on a fully Taxed Supply...5 CHAPTER 2
More informationTAX CARIBBEAN REGIONAL CAPACITY BUILDING WORKSHOP ON FACTORING / RECEIVABLES DISCOUNTING TAX IMPLICATIONS ON FACTORING RECEIVABLES By H.
TAX CARIBBEAN REGIONAL CAPACITY BUILDING WORKSHOP ON FACTORING / RECEIVABLES DISCOUNTING TAX IMPLICATIONS ON FACTORING RECEIVABLES By H. Wayne Lovell, Director, Tax, KPMG November 5 th 2009 Tax Implications
More informationIndividual income tax
International Tax Puerto Rico Tax Alert 12 June 2015 Tax reform enacted Contacts Francisco A. Castillo fcastillo@deloitte.com Ricardo Villate rvillate@deloitte.com Michelle Corretjer mcorretjer@deloitte.com
More informationVAT Guidance Accounting for VAT Version 4: November 1, 2015
VAT Guidance Accounting for VAT Version 4: November 1, 2015 PAGE 1 Introduction This guide is intended to provide VAT Registrants with information on how they should account for Value Added Tax ( VAT ).
More informationGuide to Starting Self Employment or Business. Guide No.6 in the Tax Guide Series
Guide to Starting Self Employment or Business Guide No.6 in the Tax Guide Series About This Guide This Guide has been prepared to help someone starting out in a new business or self employment venture
More informationROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE
ROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON HIRE PURCHASE AND CREDIT SALE TABLE OF CONTENTS INTRODUCTION... 1 Overview of Goods and Services Tax (GST)... 1 OVERVIEW GENERAL OPERATIONS OF HP
More informationFiji Revenue & Customs Authority Revenue Collection Division Suva VALUE ADDED TAX
Fiji Revenue & Customs Authority Revenue Collection Division Suva VALUE ADDED TAX 1 CONTENTS 1.0 INTRODUCTION & BACKGROUND TO VALUE ADDED TAX (VAT) 1.1 WHAT IS VAT? 1.2 WHY WAS VAT INTRODUCED? 1.3 EFFECTS
More informationTable of Content. Chapter 1 Introduction 4 1.1 What is the Value Added Tax 5 1.2 How VAT Works 5 1.3 How is VAT Collected 7
1 Table of Content Chapter Topic Page Chapter 1 Introduction 4 1.1 What is the Value Added Tax 5 1.2 How VAT Works 5 1.3 How is VAT Collected 7 Chapter 2 VAT on Supply 9 2.1 Definition of Supply 9 2.2
More informationVAT Guidance Accounting for VAT Version 2: February 14th, 2015
VAT Guidance Accounting for VAT Version 2: February 14th, 2015 PAGE 2 Introduction This guide is intended to provide VAT Registrant information on how they should account for Value Added Tax ( VAT ). It
More informationGLOBAL INDIRECT TAX. South Korea. Country VAT/GST Essentials. kpmg.com TAX
GLOBAL INDIRECT TAX South Korea Country VAT/GST Essentials kpmg.com TAX b South Korea: Country VAT/GST Essentials South Korea: Country VAT/GST Essentials Contents Scope and Rates 2 What supplies are liable
More informationPROCEDURE Banking. Number: G 1904 Date Published: 8 May 2014
1.0 Summary of Changes This is a new procedure which details the collection and handling of all income owed to Essex Police. This includes the handling of cash seized under the Proceeds of Crime Act (POCA).
More informationPROFESSIONAL SERVICES
ROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON PROFESSIONAL SERVICES CONTENTS INTRODUCTION... 1 Overview of Goods and Services Tax... 1 PROFESSIONAL SERVICES... 1 FREQUENTLY ASKED QUESTIONS...
More informationIndirect Tax Reforms in China
Indirect Tax Reforms in China VAT reform implications for consulting and advisory businesses in Shanghai December 2011 Lachlan Wolfers & Grace Xie Partners, KPMG China (based in Shanghai) Merger of BT
More informationIf you are VAT registered you must charge VAT on the products or services you sell.
An Introduction to VAT VAT (value added tax) is a tax levied on sales of goods and services. If you are VAT registered you must charge VAT on the products or services you sell. Upon submission of each
More informationROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON PROFESSIONAL SERVICES
ROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON PROFESSIONAL SERVICES CONTENTS INTRODUCTION... 1 Overview of Goods and Services Tax (GST)... 1 PROFESSIONAL SERVICES... 1 FREQUENTLY ASKED QUESTIONS...
More informationROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON VALUERS, APPRAISERS AND ESTATE AGENTS
ROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON VALUERS, APPRAISERS AND ESTATE AGENTS CONTENTS INTRODUCTION... 1 Overview of Goods and Services Tax (GST)... 1 GST AND VALUERS, APPRAISERS AND ESTATE
More informationRELEVANT TO ACCA QUALIFICATION PAPER F6 (UK) AND PERFORMANCE OBJECTIVES 19 AND 20
RELEVANT TO ACCA QUALIFICATION PAPER F6 (UK) AND PERFORMANCE OBJECTIVES 19 AND 20 Value added tax (VAT), part 2 This article is relevant to candidates sitting the Paper F6 (UK) exam in 2012, and is based
More informationVAT GUIDES UPDATES Revision of VAT Guidance Notes
VAT GUIDES UPDATES Revision of VAT Guidance Notes The VAT Act and Regulations now being law, some of the Guides have been amended: 1. The word Bill has been removed and replace with Act 2. Paragraph of
More informationROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE
ROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON LEGAL PRACTITIONERS CONTENTS INTRODUCTION... 1 Overview of Goods and Services Tax (GST)... 1 GST TREATMENT FOR THE INDUSTRY... 1 FREQUENTLY ASKED
More informationRochdale MBC Corporate Debt Management Policy. Contents Page. Page
Rochdale MBC Corporate Debt Management Policy Contents Page Page 1. Background and Objectives 1.1 What is a Corporate Debt Management Policy 1 1.2 Introduction 1 1.3 Objectives of the Policy 1 1.4 What
More informationTAXATION AND FOREIGN EXCHANGE
This appendix contains a summary of laws and regulations in respect of taxation and foreign exchange in Hong Kong and the PRC. I. TAXATION IN THE PRC 1. Taxes Applicable to Joint-Stock Limited Companies
More informationMFFA Belastingadvies Tax Advice
MFFA Belastingadvies Tax Advice Specialized in Expats and International Companies Amsterdam Zwolle Assen The Netherlands VAT in Europe an introduction General comments European Union: 27 member states
More informationLOCAL AUTHORITY RATES APPORTIONMENTS ON PROPERTY TRANSACTIONS - GOODS AND SERVICES TAX TREATMENT
LOCAL AUTHORITY RATES APPORTIONMENTS ON PROPERTY TRANSACTIONS - GOODS AND SERVICES TAX TREATMENT PUBLIC RULING - BR Pub 99/8 This is a public ruling made under section 91D of the Tax Administration Act
More informationGST collected from customers. Less. GST paid on business purchases. Equals. Net GST 10.00 0.60 20.00 1.20
Goods and Services Tax (GST) Frequently Asked Questions (FAQs) 1. What is GST? How does GST work? Goods and Services Tax (GST) is a multi-stage broad-based consumption tax based on the value-added concept.
More informationVAT Certificate Course
VAT Certificate Course Session 6 VAT Registrations & Compliance Obligations Saviour Bezzina 26 November 2014 Session 6 Agenda 2 Part 1 VAT Registrations 1.1 Article 10 Registration 1.3 Article 12 Registration
More informationWell, the filing timeline is
tax Updates on tax reliefs for individuals What are the tax deductions or reliefs available for the year 2012? MIA Professional Standards and Practices Well, the filing timeline is around the corner. For
More informationIRAS e-tax Guide. GST: Travel Industry (Sixth Edition)
IRAS e-tax Guide GST: Travel Industry (Sixth Edition) Published by Inland Revenue Authority of Singapore Published on 01 Oct 2012 First edition on Jan 1994 Second edition on Apr 2003 Third edition on 01
More informationState Revenue Legislation Further Amendment Act 2005 No 111
New South Wales State Revenue Legislation Further Amendment Act 2005 No 111 Contents Page 1 Name of Act 2 2 Commencement 2 3 Amendment of Acts 2 Schedule 1 Amendment of Duties Act 1997 No 123 3 Schedule
More informationProcessing Value Added Tax (Schools)
Processing Value Added Tax (Schools) June 2015 Issued by the Chief Accountant s Team. For any queries on these procedures please email financetrainingteam@kent.gov.uk Processing Value Added Tax (VAT) Introduction
More informationTax Planning Checklist
Tax Planning Checklist For the year ended 31 March 2014 Contents Year end tax planning checklist 1 General tips on minimising tax 4 Help us to process your records efficiently and quickly 5 Help yourself
More informationVALUE ADDED TAX ACT, 2013 Act 870 ARRANGEMENT OF SECTIONS. Imposition of tax. Taxable person and taxable activity
VALUE ADDED TAX ACT, 2013 Act 870 Section ARRANGEMENT OF SECTIONS Imposition of tax 1. Imposition of tax 2. Persons liable to pay tax 3. Rate of the tax 4. Taxable person 5. Taxable activity Taxable person
More informationValue-Added Tax (VAT)
June 2015 MY SMALL BUSINESS Value-Added Tax (VAT) What you need to know www.sars.gov.za 0800 00 7277 Value-Added Tax Value-Added Tax (VAT) is an indirect tax based on consumption of goods and services
More informationROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON TRAVEL INDUSTRY
ROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON TRAVEL INDUSTRY CONTENTS INTRODUCTION... 1 Overview of Goods and Services Tax (GST)... 1 OVERVIEW OF THE TRAVEL INDUSTRY... 1 Supply of Goods and
More informationChapter 6: Value Added Tax A Major Replacement Alternative
Chapter 6: Value Added Tax A Major Replacement Alternative Introduction In its authorizing legislation, the Legislature required the Committee to be guided by the principle of neutrality in developing
More informationMinistry Of Finance VAT Department. VAT Guidance for Education Services Version 5: November 1, 2015
Ministry Of Finance VAT Department VAT Guidance for Education Services Version 5: November 1, 2015 Introduction This guide is intended to provide those offering education services with information about
More informationROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE
ROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON COMMERCIAL BANKING CONTENTS INTRODUCTION... 1 Overview of Goods and Services Tax (GST)... 1 OVERVIEW GENERAL OPERATIONS OF THE INDUSTRY... 1 GST
More informationPST-5 Issued: June 1984 Revised: August 2015 GENERAL INFORMATION
Information Bulletin PST-5 Issued: June 1984 Revised: August 2015 Was this bulletin useful? THE PROVINCIAL SALES TAX ACT GENERAL INFORMATION Click here to complete our short READER SURVEY This bulletin
More informationMexican Tax Law. Value Added Tax (VAT) is assessed on the consummation within the Mexican territory of the following types of transactions:
Mexican Tax Law By: Benjamin C. Rosen brosen@rosenlaw.com.mx Last Update: September 2006 INTRODUCTION Mexican companies (including subsidiaries of foreign companies), as well as permanent establishments
More informationSelf-Employment. Guidance Note GN4
Self-Employment Guidance Note GN4 Issued by the Income Tax Division 23 April 2012 PLEASE NOTE: This guidance has no binding force and does not affect your right of appeal on points concerning your liability
More information55 Amendment of section 1 (interpretation) of the VAT Act 1972
54 Interpretation (Part 3) This section contains definitions of the legal citations used in Part 3. This is a conventional provision in Finance Acts. It allows abbreviated terms to be used in reference
More informationRESPONSIBLE MINISTER FOR INLAND REVENUE DEPARTMENT: Minister of Revenue
Vote Revenue APPROPRIATION MINISTER(S): Minister of Revenue (M57) APPROPRIATION ADMINISTRATOR: Inland Revenue Department RESPONSIBLE MINISTER FOR INLAND REVENUE DEPARTMENT: Minister of Revenue THE ESTIMATES
More informationSTATE BOARD OF EQUALIZATION STAFF LEGISLATIVE BILL ANALYSIS
STATE BOARD OF EQUALIZATION STAFF LEGISLATIVE BILL ANALYSIS Date Amended: 03/23/11 Bill No: Senate Bill 530 Tax Program: Satellite TV Author: Wright Sponsor: Author Code Sections: Part 14.5 (commencing
More informationlate payment The Late Payment of Commercial Debts (Interest) Act 1998: A User s Guide
late payment The Late Payment of Commercial Debts (Interest) Act 1998: A User s Guide Index Introduction The importance of prompt payment Legal Warning Section 1: Understanding the legislation What is
More informationSmall Business Tax Interview Checklist - 2011 Tax Return
The interview checklist is a series of questions to assist clients and tax practitioners complete tax returns efficiently and consistently and to help identify relevant tax issues for special consideration.
More informationROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE
ROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON INVESTMENT BANKING CONTENTS INTRODUCTION... 1 General Operation of Goods and Services Tax (GST)... 1 OVERVIEW GENERAL OPERATIONS OF THE INDUSTRY...
More informationROYAL MALAYSIAN CUSTOMS
ROYAL MALAYSIAN CUSTOMS MALAYSIA GOODS AND SERVICES TAX (GST) GUIDE MANUFACTURING SECTOR (DRAFT) MALAYSIA GST GUIDE MANUFACTURING SECTOR Contents Page 1. Introduction 1 2. Background 1-3 3. General principles
More informationMinistry Of Finance VAT Department. VAT Rules 2015-010 for Content of Invoices and Receipts Version: December 22-2014
Ministry Of Finance VAT Department VAT Rules 2015-010 for Content of Invoices and Receipts Version: December 22-2014 A. Authority This Rule is made under Section 17 of the Value Added Act, 2014. B. Legislation
More informationSetting up your Business in SINGAPORE Issues to consider
SINGAPORE is commerce, industry, heritage, culture and entertainment all rolled into a little island of slightly over 700 square kilometres with a population of 5.4 million. Here at the crossroads of Asia,
More informationMacau SAR Tax Profile
Macau SAR Tax Profile Produced in conjunction with the KPMG Asia Pacific Tax Centre Updated: June 2015 Contents 1 Corporate Income Tax 1 2 Income Tax Treaties for the Avoidance of Double Taxation 5 3 Indirect
More informationValue Added Tax (VAT)
PKF Taxation Services Ltd Value Added Tax (VAT) www.pkfea.com Global Expertise Local Knowledge Definition VAT is a general consumption tax assessed on the value of goods and services It applies to all
More informationSMALL BUSINESS TAX INTERVIEW CHECKLIST 2012 INCOME TAX RETURN
The interview checklist is a series of questions to assist clients and tax practitioners complete tax returns efficiently and consistently and to help identify relevant tax issues for special consideration.
More informationGLOBAL INDIRECT TAX. Thailand. Country VAT/GST Essentials. kpmg.com TAX
GLOBAL INDIRECT TAX Thailand Country VAT/GST Essentials kpmg.com TAX b Thailand: Country VAT/GST Essentials Thailand: Country VAT/GST Essentials Contents Scope and Rates 2 What supplies are liable to VAT?
More informationVAT Treatment of Cross Border Transactions in the Single Market
RESPONSE TO GREEN PAPER COM (2010) 695 On the Future of VAT Introduction The European Council of Optometry and Optics (ECOO) would like to thank you for this opportunity to submit views. As an organisation
More informationTax Planning in an Economic Downturn
38 Moneen, Castlebar, Co. Mayo Tel: 094 9044786 Fax: 094 9044772 E-mail: info@donnellytax.com Website: www.donnellytax.com Tax Relief for Losses Tax Planning in an Economic Downturn In the current economic
More informationVAT PROFILE, LATVIA. SORAINEN 2012 All rights reserved
ZAB SORAINEN Kr. Valdemāra iela 21, LV-1010 Riga, Latvia phone +371 67 365 000 fax +371 67 365 001 latvia@sorainen.com VAT reg no LV90002573483 Estonia Pärnu mnt 15, 10141 Tallinn phone +372 6 400 900,
More informationGOODS & SERVICES TAX ( GST ) FREQUENTLY ASKED QUESTIONS ( FAQ ) (v2)
GOODS & SERVICES TAX ( GST ) FREQUENTLY ASKED QUESTIONS ( FAQ ) (v2) The contents provided in this FAQ are subject to confirmation and update and without liability against OCBC Bank. 1 Q1 What is GST?
More informationStudying Paper F6 Performance objectives 19 and 20 are relevant to this exam
RELEVANT TO ACCA QUALIFICATION PAPER F6 (UK) Studying Paper F6 Performance objectives 19 and 20 are relevant to this exam Value added tax (VAT): Part 2 This article is relevant to those of you taking Paper
More informationCross Border Tax Issues
Cross Border Tax Issues By Reinhold G. Krahn December 2000 This is a general overview of the subject matter and should not be relied upon as legal advice or opinion. For specific legal advice on the information
More informationGuidance on VAT Invoices and VAT Sales Receipt Version: November 24th 2014
Guidance on VAT Invoices and VAT Sales Receipt Version: November 24th 2014 PAGE 1 Ministry of Finance VAT Department Version 1: November 24, 2014 VAT Guidance VAT Invoices and VAT Sales Receipts Introduction
More informationAn Overview of Florida s Insurance Premium Tax
An Overview of Florida s Insurance Premium Tax Report Number 2007-122 October 2006 Prepared for The Florida Senate Prepared by Committee on Finance and Tax Table of Contents Summary... separate document
More informationROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON RETAILING
ROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON RETAILING TABLE OF CONTENTS INTRODUCTION... 1 Overview of Goods and Services Tax (GST)... 1 GENERAL OPERATIONS OF THE INDUSTRY... 1 PRICING... 3
More informationBuy-to-let guide about tax
Perrys Chartered Accountants Buy-to-let guide about tax Introduction As a buy-to-let landlord it is important you know about tax and how it affects you and your investment. This is why Perrys Chartered
More informationCHAPTER 318C SMALL BUSINESS DEVELOPMENT
1 L.R.O. 2002 Small Business Development CAP. 318C CHAPTER 318C SMALL BUSINESS DEVELOPMENT ARRANGEMENT OF SECTIONS SECTION 1. Short title. 2. Definitions. 3. Small business. 4. Approved small business
More information2. The law For ease of reference the relevant sections of the Act are quoted in Annexure A.
DRAFT DRAFT INTERPRETATION NOTE DATE: ACT : VALUE-ADDED TAX ACT NO. 89 OF 1991 SECTIONS : SECTIONS 11(2), (b), (c), (d), (e) AND 12(g) SUBJECT : THE VALUE-ADDED TAX TREATMENT OF SUPPLIES OF TRANSPORT SERVICES
More informationJune, 2015 DEBT MANAGEMENT PLAN COUNTY OF ELKO, NEVADA
June, 2015 DEBT MANAGEMENT PLAN COUNTY OF ELKO, NEVADA Introduction The County of Elko (the "County") has a Capital Improvement Plan (CIP) which is a multi-year planning document that identifies and prioritizes
More informationMinistry Of Finance VAT Department. The Bahamas VAT Guide Version 5: November 1, 2015
Ministry Of Finance VAT Department The Bahamas VAT Guide Version 5: November 1, 2015 1 Introduction This Value Added Tax ( VAT ) guide aims to provide a general understanding of how VAT works, who needs
More informationFiling Claims for Refund of Sales or Use Tax
State of Wisconsin Department of Revenue Important Change The football stadium district tax in Brown County ends on September 30, 2015. Filing Claims for Refund of Sales or Use Tax Includes information
More informationIRAS e-tax Guide. GST Guide for e-commerce (Second edition)
IRAS e-tax Guide GST Guide for e-commerce (Second edition) Published by Inland Revenue Authority of Singapore Published on 11 Mar 2015 First edition on 31 Mar 2014 Disclaimers: IRAS shall not be responsible
More informationROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON RETAILING
ROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON RETAILING TABLE OF CONTENTS INTRODUCTION... 1 Overview of Goods and Services Tax (GST)... 1 GENERAL OPERATIONS OF THE INDUSTRY... 1 PRICING... 3
More informationTAXATION OF PRIVATE LANDLORDS
TAXATION OF PRIVATE LANDLORDS The Tax Position of the Small Private Landlord The private rented sector is possibly the only sector of the economy where the tax and regulatory systems work to prevent the
More information1.3 What is the cash accounting scheme?
Foreword This notice cancels and replaces Notice 731 (August 2008). Details of any changes to the previous version can be found in paragraph 1.2 of this notice. The legal basis for the cash accounting
More informationUnderstanding gearing Version 5.0
Understanding gearing Version 5.0 This document provides some additional information to help you understand the financial planning concepts discussed in the SOA in relation to gearing. This document has
More informationSmall Business Tax Interview Checklist - 2010 Income Tax Return
Please answer the following and supply supporting information where applicable. This will guide the completion of the business and professional items schedule. 2009/2010 refers to the period from 1 July
More informationINTERPRETATION NOTE: NO. 64. DATE: 22 February 2012
INTERPRETATION NOTE: NO. 64 DATE: 22 February 2012 ACT : INCOME TAX ACT NO. 58 OF 1962 (the Act) SECTION : SECTION 10(1)(e) SUBJECT : INCOME TAX EXEMPTION: BODIES CORPORATE ESTABLISHED UNDER THE SECTIONAL
More informationVAT AND PROPERTY. Prepared by Meumann White Attorneys
VAT AND PROPERTY Prepared by Meumann White Attorneys VAT AND PROPERTY The tax authorities levy a tax on transfers of immovable property either in the form of VAT or transfer duty. It is not always clear
More informationMEDIA STATEMENT. 2014 Draft Taxation Laws Amendment Bill and draft Tax Administration Laws Amendment Bill
MEDIA STATEMENT 2014 Draft Taxation Laws Amendment Bill and draft Tax Administration Laws Amendment Bill National Treasury today publishes for public comment the 2014 draft Taxation Laws Amendment Bill
More informationHow To Determine The Tax Rate In Australia
APPENDIX C: GST REVENUE POLICY DECISIONS Compulsory third party schemes alternative global decreasing adjustment methodology Australian Taxation Office 6.7 6.7 6.7 6.7 The Government will not proceed with
More informationYou and your shares 2015
Instructions for shareholders You and your shares 2015 For 1 July 2014 30 June 2015 Covers: n individuals who invest in shares or convertible notes n taxation of dividends from investments n allowable
More informationSOCIALIST REPUBLIC OF VIETNAM Independence Freedom Happiness --------------- No.: 65/2013/TT-BTC Hanoi, May 17, 2013 CIRCULAR
THE MINISTRY OF FINANCE ------- SOCIALIST REPUBLIC OF VIETNAM Independence Freedom Happiness --------------- No.: 65/2013/TT-BTC Hanoi, May 17, 2013 CIRCULAR AMENDING AND SUPPLEMENTING THE CIRCULAR NO.
More informationVAT and Professional Services March 11, 2014
VAT and Professional Services March 11, 2014 Sandra Skuszka Head of VAT services KPMG LLC Isle of Man Agenda Brief overview of how VAT works. What is the difference between zero rated and exempt supplies?
More informationCOMPANIES INCOME TAX COMPUTATION AND TREATMENT IN FINANCIAL STATEMENTS
COMPANIES INCOME TAX COMPUTATION AND TREATMENT IN FINANCIAL STATEMENTS PRESENTED BY OLUFUNKE SODIPO TAX MANAGER: PEAK PROFESSIONAL SERVICES IN HOUSE SEMINAR SERIES NO 4 PEAK PROFESSIONAL SERVICES (CHARTERED
More informationA foreign investor seeking to start up a business in St. Lucia must:
STARTING A BUSINESS The incorporation and registration of a company must be done through an attorney registered and operating in St. Lucia. There are official forms to be completed during the process.
More informationSales Tax Guidelines: How Kansas Motor Vehicle Dealers and Leasing Companies Should Charge Sales Tax on Leases
JOAN WAGNON, SECRETARY DEPARTMENT OF REVENUE POLICY AND RESEARCH MARK PARKINSON, GOVERNOR DEPARTMENT OF REVENUE POLICY AND RESEARCH Sales Tax Guidelines: How Kansas Motor Vehicle Dealers and Leasing Companies
More informationVOTE Accident Insurance
VOTE Accident Insurance B.7 Vol.I 1 Terms and Definitions Used ACC Accident Compensation Corporation Footnotes Note 1 Appropriation numbers in Part B are inclusive of GST (where applicable). Note 2 Expenses
More informationTexas Taxpayers and Research Association Statement of Policy Principles and Positions
General Fiscal and Tax Policy Texas state and local governments should operate under a fiscal system that appropriately balances the needs of people and businesses against the costs of providing them.
More informationValue Added Taxation: A Modern Efficient Tax System for the UAE
Value Added Taxation: A Modern Efficient Tax System for the UAE Dr. Nasser Saidi, MOFI, Dubai, UAE 8 February 2005 Dr. Nasser Saidi MOFI 07-02-05 1 Agenda Objectives Why VAT & what is it? Advantages &
More informationSALES AND USE TAX TECHNICAL BULLETINS SECTION 17
SECTION 17 - NONPROFIT ENTITIES - HOSPITALS, EDUCATIONAL INSTITUTIONS, CHURCHES, ORPHANAGES AND OTHER CHARITABLE OR RELIGIOUS INSTITUTIONS AND ORGANIZATIONS AND QUALIFIED RETIREMENT FACILITIES WHOSE PROPERTY
More informationEXPLANATORY NOTES ON THE CRITICAL TAX ISSUES FOR THE OPERATION OF BANK HOLDING COMPANY STRUCTURE IN NIGERIA
NIGERIA INFORMATION CIRCULAR Published: April, 2012 Subject: EXPLANATORY NOTES ON THE CRITICAL TAX ISSUES FOR THE OPERATION OF BANK HOLDING COMPANY STRUCTURE IN NIGERIA This circular is made to address
More informationCAPITAL CHARGE RATE AND CHANGES TO THE INCENTIVE REGIME
DH 6-2-1 21 December 2000 Treasury Circular 2000/16 Unrestricted Distribution Chief Executives Directors of Finance/Chief Accountants Contact for Enquiries: Treasury Vote Teams CAPITAL CHARGE RATE AND
More informationSTATE OF NEW YORK COMMISSIONER OF TAXATION AND FINANCE
New York State Department of Taxation and Finance Taxpayer Services Division Technical Services Bureau STATE OF NEW YORK COMMISSIONER OF TAXATION AND FINANCE ADVISORY OPINION PETITION NO. S960209A On February
More informationFarming Through A Company
Farming Through A Company Kevin Connolly Financial Management Specialist kevin.connolly@teagasc.ie Company Tax Rates Two rates of tax apply to companies Basic corporation tax rate 12.5% Applies to trading
More informationTHE UNITED REPUBLIC OF TANZANIA THE VALUE ADDED TAX ACT CHAPTER 148 REVISED EDITION 2006
THE UNITED REPUBLIC OF TANZANIA THE VALUE ADDED TAX ACT CHAPTER 148 REVISED EDITION 2006 This edition of the Value Added Tax Act, Cap. 148 incorporates all amendments up to 30th November, 2006 and is printed
More informationIRAS e-tax Guide. Income Tax: Taxation of Property Developers
IRAS e-tax Guide Income Tax: Taxation of Property Developers Published by Inland Revenue Authority of Singapore Published on 6 March 2013 Inland Revenue Authority of Singapore All rights reserved. No part
More informationEUROPEAN COMMISSION DIRECTORATE-GENERAL FOR TAXATION AND CUSTOMS UNION Indirect Taxation and Tax administration VAT and other turnover taxes
EUROPEAN COMMISSION DIRECTORATE-GENERAL FOR TAXATION AND CUSTOMS UNION Indirect Taxation and Tax administration VAT and other turnover taxes TAXUD/1032/07-EN Part 9 VAT in the European Community APPLICATION
More informationVAT guide for small businesses. VAT guide
VAT guide Contents VAT guide for small businesses What is VAT? Contents What is VAT? VAT, or Value Added Tax, is a tax that is charged on most goods and services that VAT registered businesses provide
More informationNotes on the Small Business Tax Interview Checklist
Notes on the Small Business Tax Interview Checklist The interview checklist are a series of questions to assist client sand tax practitioners complete tax returns efficiently and consistently and help
More information