0
There are many people, especially business owners, who would like to know why!
It's complicated by being a paid in a sort of chain, passed from supplier to customer, on both goods and services.
There are also many exemptions on a complex list of goods and services, or "zero-rate" VAT rates - the difference seeming absurd until you realise that the latter implies it would be relatively easy to change the rate - upwards.
For example, if I were to buy fish-&-chips to eat at home I would not be charged VAT on them, but I would if I ate them as a meal in the cafe section of the same chip-shop.
There are situations in which companies can claim refunds on VAT, or pass it on, paid on certain goods such as road fuel used in the course of the business.
Then the VAT rate and exemptions differ markedly from country to country within the European Union - only an organisation like the EU could invent a tax system so wilfully and bewilderingly complicated!
Wiki User
∙ 10y ago
Add your answer:
Earn +20 pts
Who introduced VAT?
The government, it is a tax
What was wrong with the Greek and Roman numbering system?
There was nothing wrong with theGreekand Roman numbering systems. They were complicated. They have beenreplacedby the Arabic numeral system because it is much easier to use.
What year did decimalisation start?
Because the previous system was very complicated and computers and calculators would have had difficulty calculating in the old system which was superseded by decimalisation in 1971.
What is the legislative body in Belgium?
It is bicameral but complicated in its election system with only about two thirds of each house placed in position by popular vote
Why was vat introduced?
to prevent the large amount of vehicles thefts that were occurring at the time.
How to put vat on?
VAT is now at 20%, so take the price and multiply by 1.2 to give price with VAT.
Why is the noodle vat is higher than the sauce vat?
The temperature of the noodle vat needs to be higher than the sauce vat. The noodle vat needs to boil so that the noodles will cook. The sauce vat does not have to be boiled to be fully cooked.
What is VAT inc?
Value Added Tax Included (in the overall price) Most businesses are exempt from VAT so sometimes the price is given Excluding VAT. VAT is currently 15%
What is the procedure to reset vat system on a 91 camaro?
Check
Is the VAT tax on the profit margin?
VAT should not be shown in any part if the profit and loss statement, it will only appear on the balance sheet. So unless the company is not VAT registered then VAT will nit be in the margin.
What is the purpose of VAT specialist accountants in the UK?
The purpose of VAT specialist accountants in the UK is to assist with the VAT registration process and provide guidance on how to use the VAT system. They will be able to answer questions about what is VAT, what it is used for, and how to use it in the UK. They will also be able to offer advice on the difference between VAT and other taxes, and how to pay and reclaim VAT. If you are looking for VAT specialist accountant in UK then feel free to contact us. Visit our website Proactive Consultancy Group - TPCGUK or You can also call us at: +44 207 193 7072
Was the process of cloning complicated?
No it was so easy a baby did it while sleeping. Lol jk. Ye it's a very complicated system which involves manipulating the DNA of an animal.
What tax you dont pay in the us?
We do not have a VAT system nor a GST one.
Who pays for vat?
You pay VAT on goods items. VAT (value added tax) is at 20% of the item you buy. So say you bought a 1000 pounds worth of TV, you would pay 100 pounds VAT. hope this helped
What should be submitted to the VAT aouthories to obtain a refund of VAT?
There is no VAT authorities in the United States so you will need to contact the authorities in the nation where you paid the VAT taxes. I doubt you will receive and refund of VAT taxes. That is the equivalent of sales taxes in many nations and is not refundable that I am aware of. Good Luck.
How many types of vat?
The types of VAT........ 1 ) INPUT VAT @ 4 % 2 ) INPUT VAT @ 1 % 3 ) INPUT VAT @ 12.5 % 4 ) OUTPUT VAT @ 1 % 5 ) OUTPUT VAT @ 4 % 6 ) OUTPUT VAT @ 12.5 %
Merits and demerits of vat?
Merits:1. No Tax Evasion2. Ensured Neutrality3. Transaction based System(i.e., it is applicable to all Sales.. that is the simple equation is follows Net VAT payable = Vat on Sales - Vat on Purchases)4. Transparency5. Multi-point Taxation6. Eliminates Cascading Effect7. Self policing System.-----------------------------------------------------------------------------------------------------Demerits:1. Varying VAT Rates2. No Credit against other Taxes3. Increase in tax administration cost4. No Discrimination between Rich and Poor.
