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zero-rated |
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zero-rated denoting goods on which the buyer pays no value-added tax although the seller can claim back any tax he has paid How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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| Romania and Bulgaria, along with the other Member States, should be encouraged to issue transition rules adopting a "light touch" in respect of (a) strict documentation requirements, especially for zero-rated intra-EU supplies, and (b) the application of penalties. A charity may elect not to use this special net tax calculation method if it makes supplies outside Canada, or zero-rated supplies in the ordinary course of its business, or if 90% or more of the supplies are taxable. A zero-rated sale is a taxable transaction on which the tax rate is zero; the technique can eliminate the tax on a product because a business pays no tax on its value added and receives a credit for tax previously paid on inputs. |
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