Expansion of incoterm is International Commercial Terms it is a collection of commercial terms which is issued by the International Chamber of Commerce (ICC) and is used while making any international transactions or importing or exporting of goods or...
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One of the biggest advantages of Incoterms is that it facilitates uniformity and it standardizes all the trade aspects which are complex in nature. It avoids ambiguity among the traders by providing them with a common medium to communicate...
• Calculate the amount of tax payable to the government • Self account the VAT amount as output tax throughout the purchase • State it in the VAT return • Claim the input credit if eligible • Maintain the...
In the present scenario, the reverse charge mechanism is applicable in service tax for services like Insurance Agent, Manpower Supply, Goods Transport Agency, etc. Unlike Service Tax, there is no concept of partial reverse charge. The recipient has to...
In the present scenario, the reverse charge mechanism is applicable in service tax for services like Insurance Agent, Manpower Supply, Goods Transport Agency, etc. Unlike Service Tax, there is no concept of partial reverse charge. The recipient has to...
Reverse Charge Mechanism is incorporated in UAE Value Added Tax Law with a view to avoid tax evasion on any taxable supplies. If the supplier does not possess business in UAE tracking transactions and ensuring VAT compliance is not...
Under Normal situation, Value Added Tax is to be charged, collected and paid to the government by the supplier of taxable goods or services and the process is termed as forward charge mechanism. Whereas Reverse Charge Mechanism or abbreviated...
GCC states have come to an agreement that the rent, health care sectors, education sectors, and around 94 food products will be exempted from VAT. That means your house rent, grocery, hospital or school bills will not be affected...
Wise spending assures financial security and peace of mind. The effect of VAT on a common man entirely depends on one’s lifestyle. There will be a minimal rise in the cost of living depending on the lifestyle and spending...
Some business expenses are recovered at 5% they are:• Equipment Maintenance and Building Insurance• Utility and postage couriers• Computer software• Office premise rents• Marketing, printing and stationery, website services and internet advertisingFully Recoverable Expenses• Food and drinks: food and...