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Why does UK have a VAT system? The UK has a VAT system because it is a member of the European Union (EU), and the EU requires all its member states to have a common system of VAT. The UK joined the EU in 1973, and replaced its previous consumption tax, called Purchase Tax, with VAT. The main purpose of VAT is to raise revenue for the government and to harmonize the tax system across the EU. VAT is also considered to be a fair and efficient way of taxing consumption, as it is based on the value added by each stage of production and distribution, and it avoids double taxation. VAT is also supposed to be neutral for businesses, as they can reclaim the VAT they pay on their inputs from the government. However, VAT is not without its critics and challenges. Some people argue that VAT is a regressive tax, meaning that it hits the poor harder than the rich, as they spend a higher proportion of their income on VAT-able goods and services. Others point out that VAT is complex and costly to administer and comply with, especially for small businesses. Moreover, VAT can create distortions and inefficiencies in the market, as different goods and services are subject to different rates of VAT, or are exempt or zero-rated. This can create incentives for tax avoidance or evasion, or for consumers to switch their preferences based on tax differences. Contact RTRSupports Limited Website: www.rtrsupportslimited.com #ukvatrate #ukcompanyformation #thecompanyformationuk #openprivatelimitedcompanyuk #ukcompanyformationfornonresidents

#OneBharatOneRoadTax: our recently launched white paper recommending uniform taxation that will i. Prevent tax evasion and do away with the multiplicity of payment of road taxes ii. Promote simplicity of transfers, payments, and refunds iii. Remove a major economic roadblock in transferring, buying and selling of pre-registered vehicles iv. Bring about a much-needed ease of owning and disposing of vehicles. This will also boost the #preownedvehicles industry. Thanks, Shantanu Guha Ray for your blog on the topic https://lnkd.in/ghuPzbjs

The practices of the few put substantial administrative additional burdens on the many as HMRC tries to put in systems to catch tax avoidance by SMEs https://lnkd.in/eJ-pmSej

For every R100 of fuel you purchase, R27 goes towards tax #dieselprice #fuelmanagement #transportandlogistics #fleetmanagers #webtrack #globaltrack #fuelmanagementsolution

Understanding the difference between VAT and Transfer Duty is essential when buying or selling property. Our latest article breaks down the key points you need to know. #property #realestate #southafrica #vat #transferduty #tax #homebuying #homeselling

Tax is a mandatory levy imposed by the government on individuals, businesses, or other entities to fund public expenditure and government activities. Value Added Tax is a tax levied on the value added on goods and services at each stage of production Click on the link to read more on value-added tax. Author: Precious Isoh #simplylaw #vat #taxadvisory #taxconsultant https://lnkd.in/drvkKZnc

It seems not everyone is on the same page when it comes to the definition of “high-value goods” and the price range of items that will be subject to the tax, hence the delay in getting the bill passed. Full story here.

VAT, Cheers or jeers?! 👍👎 Regardless ... VAT is a tax paid on goods and services in most countries to generate government revenue💰The purpose of VAT is to finance public services and infrastructure and to contribute to a fair distribution of the tax burden. The VAT is charged at each stage of the production and distribution chain, and is finally paid by the consumer when purchasing the good or service 🤝 This form of indirect tax helps to ensure that all sections of society, regardless of income level, contribute to the financing of common societal needs. VAT is widely used around the world as a tool to generate government revenue and promote economic stability. If you run a company and/or are an employer in Sweden, below you will find some taxes that might be of interest to you: ▫ Corporate tax 20,6% ▫ VAT (normal) 25% ▫ VAT on some special services and goods 12% ▫ VAT on some special services and goods 6% ▫ Social cost paid on gross salary 31,42% ▫ Social cost paid on gross salary if not a permanent establishment 19,8% ▫ Special tax on pension cost 24,26% To learn more please feel free to contact me. #startingbusiness #businessinsweden #permanentestablishment

Are you claiming your fuel tax credits accurately? It can be challenging, time consuming and difficult to keep manual on-road and off-road records for every vehicle for a whole year, along with proof to support the numbers. Every year, many Australian businesses potentially overpay tax due to incorrect fuel consumption figures for their fuel tax claim. Our solution enables businesses to easily and accurately claim the full amount of Fuel Tax Credits that they are entitled to. Learn more: https://vzbiz.biz/41V3J6D #GPSTracking #FleetManagement #Fueltaxclaim

53rd GST Council meeting key takeaways: Petrol and diesel under GST The central government reiterated its intent to bring petrol and diesel under the GST regime, pending consensus among states on the applicable tax rate. This move is seen as a step towards uniform taxation of fuel across the country. Extension of GSTR 4 filing deadline for small taxpayers In order to help small taxpayers, the Council recommended extending the time limit to furnish the details and the returns in the form GSTR 4 from 30th April to 30th June. This will apply for returns for the Financial Year 2024-25 onwards,” the minister added. New monetary limits for filing appeals Finance Minister Nirmala Sitharaman further announced that the GST Council has recommended setting monetary thresholds for filing appeals by the department in various courts. “To reduce government litigation, the council has recommended a monetary limit of ₹20 lakh for the GST Appellate Tribunal, ₹1 crore for High Court, and ₹2 crore for the Supreme Court for filing appeals by the department,” she stated. Waiver of interest and penalties for non-fraudulent cases Finance Minister Nirmala Sitharaman announced that the GST Council has recommended waiving interest and penalties for demand notices issued under Section 73 of the GST Act. This waiver applies to cases that do not involve fraud, suppression, or misstatements.