Download or read book Filing of VAT and company tax returns written by Great Britain: Parliament: House of Commons: Committee of Public Accounts and published by The Stationery Office. This book was released on 2007-12-04 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: On the basis of a report by the Comptroller and Auditor General, this report examined HM Revenue and Customs on getting VAT and Company Tax returns in on time, encouraging businesses to file tax returns online. The Department spends over £9 million a year on processing nine million VAT and Company Tax returns but one in five Company Tax returns and one in seven VAT returns are filed late or not at all. The Department lacks information on businesses that repeatedly file late and the links between late filing and other forms of non-compliance. The penalty regimes are variable and the fixed rate penalties for Company tax are low and not routinely applied, so the Department should also look at non-financial incentives such as tax clearance certificates. Less than 10% of companies' use online filing and the Department does not expect to meet its target of getting 50% of VAT returns filed online by 2007-8 and plans for mandatory online filing for Company Tax have been put back to 2010. Online filing would save the Department most of its current processing costs and be cheaper for businesses. Additional plans to reduce the administrative burden of filing taxes are unlikely to be implemented before 2011.
Download or read book Filing VAT and company tax returns written by Great Britain: National Audit Office and published by The Stationery Office. This book was released on 2006-12-13 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Value Added Tax (VAT) and Corporation Tax raised around £120 billion in revenue in 2005-06. Some 1.8 million businesses are registered for VAT and 1.8 million companies registered to file Company Tax returns, which cover their liability for Corporation Tax. This report examines the performance of HM Revenue & Customs in securing and processing VAT and Company Tax returns from businesses which should submit them. It covers: getting the returns in on time; efficiency in dealing with the returns; customer service and the compliance burden on businesses making returns. Over the last three years the number of Company Tax returns filed on time has remained broadly stable at 77 to 79 per cent and VAT return compliance rate has stabilised at 85 per cent. The Department does not have readily available information on the total number of Company Tax returns outstanding from all previous years. It also does not know the potential tax liability arising from all missing returns. At least £1.5 billion of tax is in doubt from late and non-filed VAT and Company Tax returns. The level and the way in which penalties are applied for late filing for the two tax returns has not proved effective in further improving compliance. The report finds online filing of returns could improve efficiency, and welcomes reduction in staff costs and improvements in customer service. The NAO make a number of recommendations, which may be implemented quickly and at low cost, aimed at yielding efficiency savings, reduce tax at risk, and improve the Department's progress towards its targets.
Download or read book How to Manage Value Added Tax Refunds written by Mario Pessoa and published by International Monetary Fund. This book was released on 2021-05-10 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: The value-added tax (VAT) has the potential to generate significant government revenue. Despite its intrinsic self-enforcement capacity, many tax administrations find it challenging to refund excess input credits, which is critical to a well-functioning VAT system. Improperly functioning VAT refund practices can have profound implications for fiscal policy and management, including inaccurate deficit measurement, spending overruns, poor budget credibility, impaired treasury operations, and arrears accumulation.This note addresses the following issues: (1) What are VAT refunds and why should they be managed properly? (2) What practices should be put in place (in tax policy, tax administration, budget and treasury management, debt, and fiscal statistics) to help manage key aspects of VAT refunds? For a refund mechanism to be credible, the tax administration must ensure that it is equipped with the strategies, processes, and abilities needed to identify VAT refund fraud. It must also be prepared to act quickly to combat such fraud/schemes.
Download or read book Effects of Adopting a Value added Tax written by and published by . This book was released on 1992 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book International VAT GST Guidelines written by Collectif and published by OECD. This book was released on 2017-04-12 with total page 116 pages. Available in PDF, EPUB and Kindle. Book excerpt: Value Added Tax (VAT; also known as Goods and Services Tax, under the acronym GST in a number of OECD countries) has become a major source of revenue for governments around the world. Some 165 countries operated a VAT at the time of the completion of the International VAT/GST Guidelines in 2016, more than twice as many as 25 years before. As VAT continued to spread across the world, international trade in goods and services has also expanded rapidly in an increasingly globalised economy. One consequence of these developments has been the greater interaction between VAT systems, along with growing risks of double taxation and unintended non-taxation in the absence of international VAT co-ordination. The International VAT/GST Guidelines now present a set of internationally agreed standards and recommended approaches to address the issues that arise from the uncoordinated application of national VAT systems in the context of international trade. They focus in particular on trade in services and intangibles, which poses increasingly important challenges for the design and operation of VAT systems worldwide. They notably include the recommended principles and mechanisms to address the challenges for the collection of VAT on cross-border sales of digital products that had been identified in the context of the OECD/G20 Project on Base and Erosion and Profit Shifting (the BEPS Project). These Guidelines were adopted as a Recommendation by the Council of the OECD in September 2016.
Download or read book The VAT Reader written by and published by . This book was released on 2011 with total page 349 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book U S Tax Treaties written by United States. Internal Revenue Service and published by . This book was released on 1990 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Doing Business 2020 written by World Bank and published by World Bank Publications. This book was released on 2019-11-21 with total page 241 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seventeen in a series of annual reports comparing business regulation in 190 economies, Doing Business 2020 measures aspects of regulation affecting 10 areas of everyday business activity.
Download or read book Paying Taxes the Introduction of an Additional Index to Measure Post filing Processes written by N. Howlett and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: 'Paying Taxes' continues to be one of eleven indicators used by the World Bank in its annual Doing Business project. Doing Business is a World Bank Group flagship project which 'measures the regulations that enhance business activity and those that constrain it'. It presents indicators that are compared quantitatively and objectively across 190 economies, and over time. Since its initial inclusion in Doing Business, the Paying Taxes indicator has looked at the amount of taxes and mandatory contributions that a small to medium sized case study company has to bear in a given year (the Total Tax and Contribution Rate), the time it takes for the company to comply with the tax obligations of the three major taxes (profit tax, labour taxes and mandatory contributions, and value added tax (VAT) or sales tax) and the number and method of tax payments made The most recent edition of Paying Taxes includes a fourth sub-indicator, the post-filing index. This looks at some specific value added tax (VAT) and corporate income tax processes that occur after the tax returns have been filed with the tax authority. It is the post-filing index which is the focus of this paper.
Download or read book Administering the Value Added Tax on Imported Digital Services and Low Value Imported Goods written by John Brondolo and published by International Monetary Fund. This book was released on 2021-05-21 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: This technical note and manual (TNM) addresses the following questions: (1) What are the main challenges in administering the value-added tax on imported digital services and the measures that countries have introduced to address the challenges?; (2) What are the main challenges in administering the value-added tax on low-value imported goods and the measures that countries have introduced to address the challenges? ;and (3) What are the key tasks in implementing the measures for improving the administration of the value-added tax on imported digital services and low-value imported goods?
Download or read book Tax Administration 2021 Comparative Information on OECD and other Advanced and Emerging Economies written by OECD and published by OECD Publishing. This book was released on 2021-09-15 with total page 355 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report is the ninth edition of the OECD's Tax Administration Series. It provides internationally comparative data on aspects of tax systems and their administration in 59 advanced and emerging economies.
Download or read book Tax Policy and the Economy written by and published by . This book was released on 1993 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Statistics of Income written by and published by . This book was released on 1957 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Improving VAT GST designing a simple and fraud proof tax system written by Michael Lang and published by . This book was released on 2014 with total page 740 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This book will be an interesting and valuable tool for both regulators and practitioners alike to deepen their understanding of the various tax systems and the way certain issues are solved under different regimes, in order to encourage international trade and lay the groundwork for the removal of tax obstacles and related costs in global commerce."--Extracted from publisher website on March 25, 2014.
Download or read book Basis of Assets written by United States. Internal Revenue Service and published by . This book was released on 1983 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Piercing the Great Wall of Corporate China written by Alan Refkin and published by iUniverse. This book was released on 2016-06-07 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt: China has historically cut itself off from interaction with the global business community for all but the last thirty-eight years. During this isolation, Chinese society and businesses developed their own morality, ethics, cultural leanings, and business practices. Philosophically, culturally, and business-wise Chinese companies operate on a different plane than businesses in other areas of the world. As a result, the methodology of performing forensic due diligence in China can vary widely from that performed in other countries. Forensic due diligence in China is challenging and requires a comprehensive knowledge of the countrys complex accounting, legal, and business issues. Alan Refkin and David Dodge will provide you with the tools necessary to delve deep into the business and financial fabric of corporate China, allowing readers to pierce the wall of secrecy surrounding Chinese businesses.
Download or read book Spain Taxation Laws and Regulations Handbook Volume 1 Strategic Information and Basic Law written by IBP, Inc. and published by Lulu.com. This book was released on with total page 344 pages. Available in PDF, EPUB and Kindle. Book excerpt:
