A Taxable Person or a Tax Payer for Value Added Tax purposes is an individual or an entity, supplying taxable goods and/ or rendering taxable services.
Entity is a group of people and/or capital which forms a unity that either conducts business or does not. It includes:
Corporation
Limited partnership
State – local owned enterprise in whatever name and form
Co operative, pension fund, partnership, association foundation, public organisation, social and political organisation, or any similar organisation, institution, permanent establishment and any other form of entity.
Value Added Tax shall be imposed on:
Supply of Taxable Goods carried out in the customs area by a Firm
Import of Taxable Goods
Taxable Services rendered in a customs area by a Firm
Utilisation of intangible Taxable Goods obtained from outside the customs area within a Customs Area
Utilisation of Taxable Services obtained from outside the customs area within a customs area
Export of Taxable Goods by a taxable person for VAT purposes.
VAT is imposed on most goods and services at a rate of 10%. Government regulations can adjust the rate to as low as 5% and as high as 15%.
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