Proponents say it discourages tax avoidance by providing a paper or electronic trail of taxes for every product. Article Sources. Investopedia requires writers to use primary sources to support their work.
These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy. Compare Accounts. The offers that appear in this table are from partnerships from which Investopedia receives compensation.
This compensation may impact how and where listings appear. Investopedia does not include all offers available in the marketplace. Related Articles. Hotels: What's the Difference? Partner Links. A value-added tax VAT is collected on a product at every stage in the supply chain where value is added to it, from production to point of sale. Cascade Tax A cascade tax is a system that imposes sales taxes on products at each successive stage in their progress from raw material to consumer purchase.
Zero-Rated Goods Definition Zero-rated goods, in countries that use value-added tax VAT , are products that are exempt from that value taxation. What is Sales Tax? A sales tax is a consumption tax imposed by the government on the sale of goods and services.
Tax Revenue Definition Reliance on income taxes versus consumption taxes is one big difference between U. Learn the options. Please contact for general WWTS inquiries and website support. By submitting your email address, you acknowledge that you have read the Privacy Statement and that you consent to our processing data in accordance with the Privacy Statement. The heat map above shows each territory in a color corresponding to its standard VAT rate. The color key is based on VAT rate percentage.
Hovering over a territory will provide that territory's standard VAT rate. Clicking a territory will take you to that territory's 'Other taxes' page. Note that in instances where a territory has a consumption tax similar to a VAT e.
GST, sales tax, turnover tax , that rate is used. In instances where the standard VAT rate cannot be easily defined, the territory color will be grey but can still be viewed by hovering over it. Your message has been sent. Your message was not sent. Please try again. Cancel Send. In instances where a territory has a consumption tax similar to a VAT, that tax rate is provided. See the territory summaries for more detailed information e. Flat rate scheme: 3 Additional levies are charged on taxable supplies.
Under the standard rate scheme these are NHIL: 2. Select territories to compare. Please select at least two territories for comparison. Select territories to filter Select all Unselect all. Albania Last reviewed 29 June Algeria Last reviewed 08 June Angola Last reviewed 24 June Argentina Last reviewed 18 August Armenia Last reviewed 29 June Australia Last reviewed 30 June Austria Last reviewed 15 June Azerbaijan Last reviewed 18 August Bahrain Last reviewed 25 July Barbados Last reviewed 05 August Belarus Last reviewed 30 May Belgium Last reviewed 15 July Bermuda Last reviewed 14 July Bolivia Last reviewed 08 July Bosnia and Herzegovina Last reviewed 25 February Botswana Last reviewed 29 September Brazil Last reviewed 03 August Bulgaria Last reviewed 21 July Cabo Verde Last reviewed 26 August Cambodia Last reviewed 29 July Cameroon, Republic of Last reviewed 03 August Canada Last reviewed 18 June Cayman Islands Last reviewed 03 August Within the EU, VAT is usually paid in the member state you purchased the goods, however, there are some exceptions - see below.
Before you make a purchase, check whether the advertised price includes tax and duty costs. Revenue has a guide to buying goods from outside the EU for personal use including information on how to calculate what you owe in duties and taxes. However, if the supplier that you are buying the goods from has not exceeded the Distance Sales Threshold in Ireland then you will pay VAT at the rate that would apply in the country of purchase.
You will usually be told the amount of VAT payable at checkout. Excisable products for example, alcohol, tobacco and oil purchased within the EU via the internet or by mail are subject to excise duty and VAT. You can buy and bring your goods other than tobacco and alcohol products from a non-EU State into Ireland without paying any taxes, if their value is no more than:.
Revenue has information if you arriving in Ireland from countries outside the EU. There are no limits on what you can buy and take with you when you travel between EU countries, as long as the products you bought are for your own personal use and not for resale. The exception to this is where you are importing a vehicle from the EU. Special rules apply in the case of goods subject to excise duty, such as alcohol and tobacco products.
Revenue has published information if you are arriving in Ireland from the EU. By submitting your email address, you acknowledge that you have read the Privacy Statement and that you consent to our processing data in accordance with the Privacy Statement. This tax is not applicable to the sale of vehicles and other fixed assets to be sold on a regular basis on behalf of third parties, as well as aeroplanes.
Services provided from abroad will be taxed through a reverse-charge mechanism, hence the beneficiary of the service will be liable to file the corresponding return and pay the tax before the Colombian Tax Authority if the beneficiary is registered for VAT.
Nevertheless, Law of established that non-resident service providers rendering services from abroad must register for VAT purposes in Colombia when they sell vatable services to customers who are not registered for VAT purposes in Colombia.
Nowadays, the registration process requires the foreign provider to obtain a Tax ID for the enterprise and for the legal representative, as well as a digital signature for the former.
Additionally, a physical address in Colombian and an economic activity code needs to be provided. On the realm of digital services provided from abroad, Law of identifies distant maintenance of equipment and programs as a VATable operation. The Colombian VAT is based on a credit-debit system throughout the entire chain of a business. However, certain products are only taxed at the manufacturer level one-phase VAT.
For businesses with annual revenue equal to or higher than 92, tax value units TVU approximately COP 3 billion , the frequency is bimonthly. If annual revenue is not in excess of TVU 92,, the filing frequency is every four months. Additionally, the tax reform of allows enterprises, branches, or businesses where the main activity is the exploration of hydrocarbons to file a VAT return from the moment in which the enterprise initiates its exploration activity in order to recognise the input VAT paid in acquisition or import of goods and services to be invested in the exploration phase and to be taken as part of the cost of development of their amortisable assets or investments in offshore projects.
The balances in favour generated via VAT return during the exploration phases can be claimed during the next year of its generation exploitation phase. VAT paid to vendors is creditable even if paid at rates higher than those at which taxable sales are made. Where a receivable arises above that credit, a refund will be available upon request, subject to certain circumstances e. VAT paid while building or buying a fixed asset, and all services needed to use such asset, can be credited against income tax of the year in which the VAT is being effectively paid.
Consumption tax cannot be credited against VAT. Consequently, the tax will be treated as a higher cost of the acquired asset or product and will be treated as a deductible cost for income tax purposes. Also, two digits are added, which are for exclusive use of the Andean Community CAN , and two final digits, which correspond to the digits for use of Colombia.
The customs subentry or harmonized tariff schedule HTS code, which is the ten-digit result, is exposed in the Colombian Customs Tariff, which is governed by Decree of and its amendments, which also reflects the applicable tariff of each duty. However, in some cases, they may be higher, depending on HTS Code.
There are some excise taxes for the consumption of beer and its derivatives, wine, liquor and its derivatives, and cigarettes and similar products.
The property tax is a municipal tax that is imposed annually on real estate property located in urban, suburban, or rural areas. It is levied on both improved and unimproved real estate; consequently, the taxpayers of this tax are the owners or holders of the real estate property. The taxable base of this tax is the current cadastral value of the property, as adjusted for inflation.
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