Carino said that the already heavily taxed and highly regulated housing industry must be spared from any new taxes, the two CREBA leaders appealed to lawmakers to preserve the status quo on
VATable housing packages to provide the millions of yet homeless citizens of the country an equal chance to a dignified quality of life through decent and affordable housing.
3 (BNA):The National Bureau for Revenue (NBR) highlighted that the VAT registration process is open for entities generating or expected to generate between BD 18,750 and BD 500,000 in annual
vatable supplies.
'It is common Economics that when VAT is increased, those
VATable products will become more expensive, we can no longer export those we used to and consumer here will prefer their foreign alternatives which is now cheaper.
"The main reason cited by the revenue agencies is that there are only three industries (power transmission, jewelries and the Central Bank) that reported importations, which is now
VATable," the DOF said.
'When these products become
vatable, the input VAT that was previously non-recoverable will now be recoverable,' Rotich said.
The same applies to the purchaser, and the purchase price is a "
vatable" expense and thus warrants registration.
In an e-mail interview with the Inquirer, she said that there is a 'danger' that local suppliers would become
vatable.
can be '
VATable' or exempt from VAT, so business owners must apply complicated calculations to work out how much VAT is payable.
As people draw capital sums out of their pensions, the government will receive tax on that money sooner than they would have done otherwise and that money will then be spent in the economy more quickly and on many non-essential,
VATable goods and services.
aACoeOf particular concern at this moment is the retail sector whereby traders are making sales of '
vatable' products without issuing cash register generated receipts.
It will undo all the good work done by abolishing entry tax and making entry tax
vatable.