There is a limited range of goods and services which are subject to VAT at the zero rate or exempt from VAT. Taxable supplies are supplies for which VAT is charged at either the standard rate (currently 15%) or zero rate (0%). VAT is only charged on taxable supplies made. Subject to certain conditions, the vendor must then charge VAT on supplies of goods and services made by it (output tax). Revenue is raised for government by requiring certain traders (vendors), that carry on an enterprise to register for VAT. It is an indirect tax on the consumption of goods and services in the economy. VAT is an abbreviation for the term Value-Added Tax. For more information see the VAT Domestic Reverse Charge webpage. The DRC Regulations came into effect on 1 July 2022. For a comprehensive understanding of these Regulations, see the Explanatory Memorandum and Media Statement.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |