Tuesday, May 26, 2020

Value Added Tax - 3058 Words

UNIVERSITI TEKNOLOGI MALAYSIA FACULTY OF MANAGEMENT Financial Management Value Added Tax; Goods and Service Tax ABDOLMABOOD FOOLADIVANDA | MH101017 | Prepared for Prof. Dr. Melati bt Ahmad Anuar April, 2011 1. Introduction VAT is a system in which the tax is collected on the value added to the goods at each stage of sales. The dealer selling the goods collects tax on the full price at which he sells the goods. At the end of a tax period he reduces from the tax so collected by him, the tax which has been charged to by the dealers from whom he purchased goods during the tax period and deposits the balance to the Government treasury. In other words the value added to a product by a business is the sale price charged to its†¦show more content†¦3. Copy of the constitution document e.g. partnership deed for a partnership firm, Memorandum and Articles of Association for a company. 4. Board Resolution authorizing the signatory to sign the application in case of company. 5. Proof of identification of the authorized signatory e.g. voter identity card, passport, driving license. 6. Proof of principal place of business e.g. rent receipt, lease agreement, electricity bill. 4.3. Casual Trader: The persons, who uses occasional transactions in the nature of business involving purchase, sales, supply or distribution of goods or conduct any exhibition-cum-sale, are required to: * Apply for permission in form VAT-9 with fee of Rs 500. * To give security not more than worth Re 1 Lac. * To issue retail Invoice. To furnish detail of goods brought from outside Chandigarh for exhibition-cum-sale. To get his bill books authenticated by delivery order before commence on Sale. 4.4. C-Invoicing amp; Maintenance of Account Books: There are two types of invoices provided under VAT, Act. * VAT Invoice * Retail Invoice 4.4.1. Vat Invoice: The word VAT Invoice to be mentioned prominently: * It is to be numbered consecutively printed mechanically or electronically. * Name, Address and TINNoof selling dealer. * Name, Address and TINNoof purchasing dealer. * Description, quantity, unit price, value and rate andShow MoreRelatedValue Added Tax of the Philippines3307 Words   |  14 PagesValue-Added Tax is a form of sales tax. It is a tax on consumption levied on the sale, barter, exchange or lease of goods or properties and services in the Philippines and on importation of goods into the Philippines. It is an indirect tax, which may be shifted or passed on to the buyer, transferee or lessee of goods, properties or services. 1. 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Read MoreValue Added Tax and Instructor Explanation1215 Words   |  5 PagesCounty has an assessed value of $150,000. Its owner qualifies for an old age exemption of $10,000 and a homestead exemption of $20,000. The property tax rate is $5 per $100 AV. What will be the property tax bill on this property? Student Answer: $7,500 $7,000 $6,500 $6,000 Instructor Explanation: @ Chapter 10. This owner has an adjusted (for exemptions) AV of $150,000-$30,000 = $120,000. If the tax rate is $5 per $100 of AV, then the tax bill will amount toRead MoreValue Added Tax Case Study710 Words   |  3 Pagesfamous for its zero tax status, the introduction of Value Added Tax(VAT) is expected to happen at a rate of 5%, with some limited exceptions including basic food items, health care, and education. The UAE is planning to implement it on January 1st, 2018. According to Nikola Kosutic, the Research Manager for Euromonitor International Middle East, the UAE’s first major tax will have varying degrees of impact on different segments of the retail sector. The value-added tax is a tax on the amount by whichRead MoreThe Tax System830 Words   |  4 PagesIntroduction The income tax system in our country is cumbersome, complex, and not user friendly. There are many problems associated with our system and most of the country wants a reform to the tax system. Some simply want only changes to the existing system while others want a completely new design. There are a few different alternatives available to us all which have their upside and downside. The Subtraction Method Value Added tax is one system which will be discussed here as a result of its many

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