In absolute terms, the highest
VAT Gap of around e1/433.5 billion was in Italy.
As early as 1989, in Revenue Regulation (RR) 9-89, the BIR issued guidelines on the proper treatment of unutilized input
VAT arising from zero-rated sales.
'We would like to make it clear that the
VAT will not be imposed on the income of drivers of the ride-sharing services," he said.
Analysts expect that
VAT revenues will further increase in 2019 as companies analyse their incomes, expenses and IT systems to ensure that correct
VAT has been paid.
After the registration, businesses need to provide information with regard to '
VAT on Sales' and '
VAT on Purchases' in the
VAT return form.
Opening additional accounting general ledgers to capture payable and receivable
VAT is critical.
Class 1: From P17.00 (
VAT inclusive) to P17.00 (rounded off from authorized P17.34)
Reciprocity is a key condition for
VAT refund under this procedure, whereby the FTA will collaborate with countries that refund
VAT for UAE businesses visiting their territories.
Case in point being the recent investigation, which was initiated on a complaint that
VAT was collected by a supplier without taking
VAT registration.
* Consumers are reminded that all registered vendors are legally required to display their
VAT registration certificate, which includes vendors' Commercial Registration number and their
VAT registration date, prior to levying the 5%
VAT.
As the United States carries out international acquisition efforts, it is imperative that we seek
VAT exemption from foreign countries in order to save or avoid unnecessary costs.