VAT


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Synonyms for VAT

Synonyms for VAT

a tax levied on the difference between a commodity's price before taxes and its cost of production

a large open vessel for holding or storing liquids

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References in periodicals archive ?
As you supply sight test services for your local clinical commissioning group, the income from this service will be exempt from VAT because the tests are clearly required for the patients' health.
The standard rate of five per cent is relatively low when compared to other countries, considering some European countries have a 25 per cent VAT rate, according to Claire McColl, KPMG Partner, VAT.
At that time, in addition to 12% VAT there were hidden charges added to the daily turnover exceeded 1.
Upon the ratification of the treaty, each member state will issue its own nation- al VAT legislation based on the agreed framework under the treaty.
TEI believes it is critical to maintain a dialogue between businesses and revenue authorities when developing rules for VAT to ensure they are workable and not overly burdensome on businesses or tax authorities.
Following the meeting, the GCC chairman, Bahrain's finance minister, Sheikh Ahmad bin Mohammed al-Khalifah announced that the ministers approved the introduction of GCC VAT, adding that some procedural aspects will be discussed in further detail in a future meeting.
Once registered make sure you charge VAT at the standard rate of 20% on your sales and that you can reclaim any VAT incurred on goods and services you buy for use in your business.
VAT is certainly more of a signifi-cant revenue earner for the UK Government in comparison to oil revenues that Scotland contributes.
In December 2013, a total of 6918 companies received VAT worth BGN 542 million, up by BGN 300 million compared to the VAT refunded in December 2012, which stood at slightly over BGN 239 million.
It is often perceived by businesses as a drain on their finances and time, with claiming back VAT seen as an administrative burden.
However, HMRC has confirmed it now accepts that the fact that the transferor of a property rental business retains a small interest in the property does not prevent the transaction from being treated as a TOGC for VAT purposes.
At present, only newly-registered businesses and those with turnovers of more than pounds 100,000 have to submit their VAT online - as well as pay electronically.
Whether companies want to receive a VAT refund, help their own customers receive a VAT refund, or want to offer VAT services to their customer base, OT ReVAT is available in three versions to meet those needs:
The larger Leon, Altea and Alhambra models also enjoy either a full or half VAT discount.