Tag Archives: goods services

Pay attention to the difference (VAT)!

introduction Consumption taxes are a major source of revenue for governments. If you buy something from a nearby grocery store, chances are you will pay tax on that purchase. As expected, consumption taxes are not uniform across the world. For example, 27% and 31% of overall revenue comes from consumption …

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Time to! Delhi restaurateurs hail lifting of curbs | Latest Delhi News

Restaurant owners in the capital are rejoicing as the Delhi Disaster Management Authority (DDMA) has lifted all restrictions, saying restaurants and bars can now operate without the nightly curfew. Even the 50% cap on seating capacity – put in place to ensure appropriate behavior in Covid-19 – will be revoked, …

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FIRS will rely on the 2021 finance law to obtain adequate funding from the budget – Nami

FIRS Executive Chairman Muhammad Nami delivering his speech at the National Symposium on “Taxation and the Challenges of External Shocks: Lessons and Policy Options for Nigeria”, held in Abuja. By JOY ADARA, Abuja – The Federal Inland Revenue Service (FIRS) said it will use the instrument of the 2021 Budget …

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Will a higher GST change your weekend plans?

UOB economist Barnabas Gan expects Singapore’s GST to rise to 9% as early as July 1. (PHOTO: Getty Creative) By Barnabas Gan SINGAPORE — It’s finally the weekend. After lunch at the mall, you head for a foot massage. The meal costs around 40 S$ and the massage 35 S$. …

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[Ask the Tax Whiz] Are tech giants subject to 12% VAT?

The Philippine Tax Whiz explains House Bill 7425, which imposes value-added tax on digital transactions Undoubtedly, e-commerce in the country is growing exponentially. Due to this undeniable growth in the number of digital transactions and as part of the development of digital taxation in the Philippines, Congress approved House Bill …

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Huge wave of commodity price inflation expected – ARAB TIMES

WhatsApp Facebook Twitter E-mail Messenger ‘You have to spend an additional 28 KD for every 100 KD’ KUWAIT CITY, February 5: According to experts, the rate of increase in commodity prices in Kuwait amounts to 28%. This means that every citizen and resident is now required to spend an additional …

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Electronic direct debit is a discriminatory tax -Seth Terkper

A former finance minister, Mr. Seth Terkper, has described the proposed electronic transaction tax (E-levy) of 1.75% as a discriminatory tax that does not promote the principle of fairness in taxation. He said that in the past four decades since the launch of the Economic Recovery Program or Structural Adjustment …

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Raising the cap on income tax exemption : Chandigarh Beopar Mandal : The Tribune India

Tribune press service Chandigarh, January 28 The Chandigarh Beopar Mandal (CBM) has demanded an increase in the income tax exemption limit to Rs 5 lakh for all assessees in a memorandum to the Union Finance Minister, Nirmala Sitharaman. CBM Chairman Charanjiv Singh said they have demanded an increase in the …

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CBIC Steps Up Revenue Campaign

NEW DELHI : The Central Board of Excise and Customs (CBIC) is stepping up revenue collection this quarter in conjunction with state governments as tax administrations attempt to boost tax revenue and make up for revenue losses resulting from recent tax cuts. excise duties and value added tax (VAT) on …

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Bombshell government report admits families have a choice between heating and eating

Exclusive: Those in difficulty face a cost-of-living crisis as a study by the Ministry of Environment, Food and Rural Affairs admitted people may have struggled to afford to eat over the past four years. Underprivileged families struggle to afford to eat, official study finds ( Image: Getty Images / iStockphoto) …

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Record tax taking of 68.4 billion euros paints a rosier picture after a year of pessimism

A record tax take last year is helping close the budget gap and reducing the government’s borrowing needs despite a spike in Covid cases and a partial foreclosure. he finance ministry collected 68.4 billion euros in taxes last year, the highest return on record, according to the Exchequer. The figure …

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Main news of the day: poll panel declares parties against postponement of UP Assembly elections; Center reports Maharashtra, Bengal, Delhi as states of concern for COVID-19 cases, and more

Today’s news headlines, and more. All of Uttar Pradesh’s political parties were in favor of holding the 2022 Uttar Pradesh Assembly elections in accordance with the timeline following the COVID-19 protocol, Chief Election Commissioner Sushil Chandra said. However, guidelines on the management of large electoral rallies or on the need …

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Excise department launches old regime to settle VAT cases: The Tribune India

Ambika Sharma Tribune press service Solan, December 23 In an effort to settle 1.68 lakh outstanding value added tax (VAT) and central sales tax (CST) business, the state tax and excise department approved the program. Himachal Pradesh Swarn Jayanti (Legacy Case Resolution) 2021. Various stakeholders and dealers, who have been …

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Hospital linked to Kakamega tycoon gets stay in tax dispute

Companies Hospital linked to Kakamega tycoon gets stay in tax dispute Wednesday 22 December 2021 Cabinet Secretary of Health Mutahi Kagwe. PHOTO | FRANCIS NDERITU | NMG By CONSTANT MUNDAMore from this author Summary Health Secretary Mutahi Kagwe successfully asked his Treasury counterpart Ukur Yatani to exempt Hamptons Hospital from …

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Ninety days to change VAT pricing

• 90-day transition for the retail price review ‘nightmare’ • Super Value leaders fear that the duration will “shorten” it • Hotel problem: new rate for the “busiest day of the year” By NEIL HARTNELL Editor-in-chief of the Tribune [email protected] Retailers have been given a 90-day transition period to deal …

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MPC to announce start of policy standardization in February

The December Policy Review is expected to see the Monetary Policy Committee (MPC) and the Reserve Bank of India (RBI) maintain the status quo on interest rates and the stance of monetary policy, while changing the tone to prepare the markets for a change in February. In October, the MPC …

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Country specific updates: Poland – Lexology

VAT groups in Poland (the so-called Polish agreement) As of January 1, 2022, Poland will allow the formation of VAT groups. This option will be available for taxpayers who: (i) are entities based in Poland or Polish branches of foreign companies; (ii) enter into a VAT group agreement for min. …

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Bullock cart protests, fuel prices and TN parties

Chennai: Tamil Nadu’s BJP, which was once on the defensive against high gasoline and diesel prices, has now turned offensive against the state government led by Chief Minister MK Stalin. The party staged an oxcart demonstration on Friday against the state government’s refusal to cut its value-added tax (VAT) on …

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El Salvador announces its intention to build a so-called “Bitcoin City”

The President of El Salvador has announced an ambitious plan to build a so-called “Bitcoin City” in which cryptocurrency will be the only legal tender. President Nayib Bukele made the announcement on Saturday evening, saying the new city would be fully fledged. The city will include residential and commercial areas, …

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A guide for business owners

“VAT” on heaps of coins Value Added Taxes (VAT), which are a type of consumption tax, are major sources of revenue for the countries of the Organization for Economic Co-operation and Development (OECD), among other regions. According to the Tax Foundation, VAT actually contributed one-third of tax revenues in OECD …

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A Party Budget Commentary | Local company

The Minister of Finance has spent an inordinate amount of time talking about the impact of Covid-19 on society and the economy. Finance Minister Colm Imbert suggested, without saying so, that with the fall in prices and output in the energy sector and the resulting reduction in retained foreign currencies, …

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Is higher inflation knocking on the door?

If you regularly follow the kitchen market or find out about the prices of a neighborhood grocery store, you will likely get the obvious answer: The prices of a number of basic items are on the rise. Daily market price data compiled by the state-owned Trading Corporation of Bangladesh (TCB) …

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Pandemic continues to weaken demand for dollar loans

MANILA, Philippines – The total amount of dollar loans granted by local banks continued to decline in the second quarter of 2021, from both the same period in 2020 and the three months before, as the pandemic weakened borrowers’ demand for working capital. According to the Bangko Sentral ng Pilipinas …

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Still on the VAT debate | The cable

The Rivers State Government’s decision on who should take the Value Added Tax (VAT) has once again exploited and exacerbated our fault lines in the country. Normally this should be a good decision whereby we have to test some of our laws in the courts. As the Rivers State government …

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Time for the settlement of the positive sum

It is recalled that on August 9, 2021, the Federal High Court sitting in Rivers State rendered a verdict on the legality of the collection of value added tax (VAT) in Nigeria, the declaration triggered not only legal arguments, but also raised economic and social concerns. The said ruling clearly …

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Grameen Bank sued for VAT and tax fraud

According to the investigation report, the total dues amount to more than Tk 66 crore Even though the Grameen Bank levied various fees, charges and commissions on the various phased benefits of microcredit activities, it was accused of not paying the appropriate VAT to the state. Two cases have been …

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Kerala FM calls for extension of GST compensation scheme

Kerala Finance Minister KN Balagopal on Saturday pleaded for the extension of GST compensation beyond June next year, stressing that the state was already grappling with a significant shortfall. Speaking to the media here, the minister said the state is not getting its due following recommendations from the 15th Finance …

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VAT rules for non-resident operators in e-commerce

The Ministry of Economy and Finance has issued a prakas introducing new rules and procedures governing value added tax (VAT) on goods and services provided through e-commerce. The new legislation, dated September 8, mainly targets e-commerce transactions between Cambodian tax-paying consumers and sellers active in Cambodian territory who are non-residents …

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DOF: VAT revenue rule will be replaced

The Ministry of Finance (DOF) on Thursday clarified that the controversial Revenue Regulations (RR) 9-2021 will be repealed and replaced with a new one that will allow exporters to continue to benefit from the zero value added tax (VAT). percent on their premises. purchases of goods and services “used directly …

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Indonesian tax administration defends food tax plan

JAKARTA (The Jakarta Post / ANN): The General Directorate of Taxation has championed a plan to change the rules for value added tax (VAT) that will levy taxes on basic foods and educational services, arguing that proposed changes will not weigh on income households but make taxation fairer for everyone. …

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Will the Fed dare to talk about tapering?

Will the Fed dare to talk about tapering? When Federal Reserve officials meet for their final two-day monetary policy meeting on Tuesday, whether the central bank should start talking about cutting its monthly $ 120 billion bond buying program. dollars will be the order of the day. Since the US …

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Telecom taxes in Africa: an alarm signal

African governments have taxed the mobile communications sector on the left, right and center in recent years Countries with weak tax administrations, large informal sectors, and limited capacity to raise revenue tend to develop tax policies more driven by expediency than by principle. Where the principle tells us that consumption …

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Stripe launches tax compliance tool

Stripe, the tech company that is building economic infrastructure for the internet, today announced the launch of Stripe Tax to help businesses automatically calculate and collect sales tax, value-added tax (VAT), and tax. Goods and Services Tax (GST) in over 30 countries *. Stripe Tax makes every aspect of global …

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Data Analysis Makes Tax Management Easier: Arvind Mishra

Share Tweeter Share Share E-mail Share Listen to this article Since the start of the COVID pandemic, governments, private companies, educational institutions and others have gone digital to ensure business continuity. However, with this, the government has evolved and so has its methods of income generation and management. Sharing his …

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Definition of the debt burden

What is the debt burden? Debt is the total amount of debt worn by an individual, a government or a company. Listed companies record their debt on their balance sheets, giving investors a snapshot of what they own and owe each quarter. Key points to remember Debt is the total …

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