zero-rated

(redirected from Zero-Rated Goods)
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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
References in periodicals archive ?
Other zero-rated goods and services include any exports destined outside the GCC region, services supplied to non-GCC residents, international transport services of goods and people and supply of qualified international transport vehicles and related services such as supply of spare parts, maintenance, repair and modifications of transport vehicles.
Japan's consumption lax (CTAX) is a low, single, flat rate applied to a broad base, with few exemptions and no zero-rated goods. Although the CTAX was supported by businesses, economists, and politicians, it was met with great opposition from the public and fears of government wastefulness.
Mr Harvey said the Chancellor's main options for tax increases are adding 1% on VAT, charging VAT on some zero-rated goods - which could include food, public transport and books and newspapers - and increasing tax on the highest paid earners.
The crooked clan registered 15 bogus companies between 1998 and 2004 across Merseyside, Cheshire, Derbyshire, Leicestershire and Scotland, creating fictitious sales transactions and invoices for the zero-rated goods in the conspiracy to evade paying VAT whilst pocketing reclaimed tax for fake business costs.
An Irish Customs source said: "We know the country is being used as a source of zero-rated goods."
Carouselling involves selling on the zero-rated goods through a series of UK companies, all liable to VAT at the standard rate, before exporting them back to Europe at zero-rate again.
Sellers of zero-rated goods or services do not collect or remit any VAT on the sales of those items, though they would be allowed to claim credits and potential refunds for the VAT they pay on purchased goods and services.
Taxpayers who consume zero-rated goods or services must continue to register with the tax authority and file a return.
This method, however, would be difficult to administer if Congress created many different tax rates and exempted or zero-rated goods or businesses.
Businesses have been warned of hefty penalties if they charge VAT on zero-rated goods and services starting from today.
The Directorate has implemented consumer protection measures to prevent collusion, overpricing and fraudulent commercial activities in addition to ensuring that VAT is not charged on zero-rated goods and services.
Meanwhile, the Customs Department will upload the list of SST zero-rated goods on its website today.