Discover and read the best of Twitter Threads about #VAT
Most recents (24)
🚨 Rajasthan High Court landmark ruling:
‘Pizza’, ‘Sandwich’ is ‘Cooked Food’, 'not Bakery product'; Looks at subsequent legislation
Read More Below:
#VAT #food #Pizza #a2ztaxcorpllp #GSTwithBimalJain
1/10
‘Pizza’, ‘Sandwich’ is ‘Cooked Food’, 'not Bakery product'; Looks at subsequent legislation
Read More Below:
#VAT #food #Pizza #a2ztaxcorpllp #GSTwithBimalJain
1/10
Rajasthan HC holds sale of ‘pizza’ and ‘sandwiches’ to be ‘cooked foods’, eligible to exemption from payment of VAT in excess of 5% vide notification dated March 09, 2010;
2/10
2/10
Perusing Notification and Entry providing for rate of tax @ 14% on goods notified therein, as well as ubsequent amendments to Rate Schedule, HC at the outset clarifies that the sale of ‘pizza’ and ‘sandwich’ would qualify as sale of ‘cooked food’;
3/10
3/10
Thailand needs to address its growing spending needs while keeping public debt under control, according to the World Bank's latest report on the country.
One of the suggestions is to increase #VAT.
Link to report - documents1.worldbank.org/curated/en/099…
#Thailand #ภาษีมูลค่าเพิ่ม
One of the suggestions is to increase #VAT.
Link to report - documents1.worldbank.org/curated/en/099…
#Thailand #ภาษีมูลค่าเพิ่ม
The report emphasizes the necessity of implementing reforms to mitigate rising fiscal pressures, which include challenges associated with the aging population and climate change.
The report underscores the importance of increasing public spending on social protection, education, and climate adaptation.
It points out that Thailand's Old Age Allowance, along with other social assistance payments, is relatively low compared to global standards.
It points out that Thailand's Old Age Allowance, along with other social assistance payments, is relatively low compared to global standards.
Apparently this is going to be a boring #Budget2023, so in preparation for Wednesday, I'm revising all the things we already know and are not expecting to change, starting with Income tax:
Following November's Autumn statement, income tax rates for 2023/24 are expected to be the same for 2022/23
- So £12,570 personal allowance
- £50,270 higher rate threshold (exc. Scotland)
- So £12,570 personal allowance
- £50,270 higher rate threshold (exc. Scotland)
So it won't be a 'headline' as it's not new, but we'll have yet another year of 'fiscal drag' where it looks like nothing is changing, but more tax is collected as allowances ought to be going up with inflation but are not #Budget2023 3/n
Can provisions of Indian Penal Code #IPC be invoked when the #VAT Laws provides provision of prosecution for general breach Rules?
In Rule 43(2) of Jharkhand VAT Rules'2006 the mobile number of driver of truck carrying goods must be filed in Transit Pass in Form No JVAT 508 and
In Rule 43(2) of Jharkhand VAT Rules'2006 the mobile number of driver of truck carrying goods must be filed in Transit Pass in Form No JVAT 508 and
on the said mobile number One Time Password (OTP) is being generated.
The said OTP is used for verification and accordingly Transit Permit JVAT 508 is generated online
It is alleged that the petitioner has generated various JVAT 508 through his three different mobile numbers
The said OTP is used for verification and accordingly Transit Permit JVAT 508 is generated online
It is alleged that the petitioner has generated various JVAT 508 through his three different mobile numbers
FIR has been instituted against the petitioner alleging that the transit pass has been generated in illegal manner in breach of JVAT Rules with an intention to evade tax.
It is an admitted fact that there is process for generating form on the basis of OTP for that purpose only
It is an admitted fact that there is process for generating form on the basis of OTP for that purpose only
#Sunak, Prime M0R0N is going to maintain size of public sector but cut their budget - some same useless resources for even less useless work.
CONT.
CONT.
#Sunak, Prime M0R0N is going raise taxes, hindering growth, choking business, meaning less money in the economy & raising less revenue for government.
CONT.
CONT.
#Sunak, Prime M0R0N has shortfall in taxation revenue to fill his black hole; so there will be further increases in taxation as the UK spirals into #recession, a vicious downward spiral heading ultimately to stagflation! CONT.
With #European energy prices at extreme levels, there are huge risks that could destabilise the whole social, economic, and political fabric of #Europe. 6 Things we need do:
1. Help Customers Save Energy
We need to help change customer behaviour and run pan #European marketing campaigns to explain the #energy challenge. I call this a “Save Energy to Save Europe,” campaign.
We need to help change customer behaviour and run pan #European marketing campaigns to explain the #energy challenge. I call this a “Save Energy to Save Europe,” campaign.
#Financial incentives should be introduced to encourage energy efficiency noting that small incremental changes in demand could quickly bring prices down for everyone.
It is with mixed emotions that I share some personal news: after 15 years at #OECD, I have decided to step down as Director of @OECDtax. This is the outcome of a long reflection and I feel privileged to have served this unique Organisation & its members for so many years.
2/ I have been incredibly lucky to be in the most exciting place to witness & facilitate the fundamental, once in a century changes to the int'l #tax system. The deal last Oct was the culmination of more than a decade of hard work to introduce a tax regulation of globalisation.
3/What we have built together is here to last. Pillar Two will soon be implemented globally and Pillar One will set the architecture of the tax system. A page was turned last October.
Should #Truss go for the ‘nuclear' option of a 5% #VAT cut? In favour…
✅ can be done quickly (immediate boost to spending power)
✅ saves *average* household c£1,300 a year
✅ lowers headline #inflation (temporarily)
✅ struggling businesses could use it to help cashflow...
✅ can be done quickly (immediate boost to spending power)
✅ saves *average* household c£1,300 a year
✅ lowers headline #inflation (temporarily)
✅ struggling businesses could use it to help cashflow...
Against...
❌ #VAT is one of the least bad (e.g. non-distortionary) taxes
❌ cutting it would have few supply-side benefits
❌ would be at least mildly #regressive (see my earlier tweet on this 🤓)
❌ a 5% cut would ‘cost’ £38 billion (could be better deployed elsewhere?)...
❌ #VAT is one of the least bad (e.g. non-distortionary) taxes
❌ cutting it would have few supply-side benefits
❌ would be at least mildly #regressive (see my earlier tweet on this 🤓)
❌ a 5% cut would ‘cost’ £38 billion (could be better deployed elsewhere?)...
My verdict: it's right to consider cutting #VAT across the board (not just on #energy). It should only be a 'nuclear' option, as part of a broader package, but the scale of the crisis means everything should be on the table.
#truss #trussonomics
#truss #trussonomics
As a #Disabled single parent on #UniversalCredit I desperately needed the #SpringStatement2022 to provide some sort of relief from the #CostOfLivingCrisis we're facing.
It doesn't...
🧵
It doesn't...
🧵
If I use 15L of petrol/diesel in a week I can expect to be 75p a week better off?
It makes little impact when petrol is up ~50p a litre since the pandemic/Brexit.
75p cut, vs. a £7.50 increase? It's meaningless.
I need a lot more to get by than 75p a week!
2.
It makes little impact when petrol is up ~50p a litre since the pandemic/Brexit.
75p cut, vs. a £7.50 increase? It's meaningless.
I need a lot more to get by than 75p a week!
2.
Then there's the doubling of the #HouseholdSupportFund - that's a discretionary. You have to plead with the council for it.
You have to set out why you, specifically, are failing to cope on benefits and deliver your full bank statement for scrutiny so they can criticise you.
3.
You have to set out why you, specifically, are failing to cope on benefits and deliver your full bank statement for scrutiny so they can criticise you.
3.
Just found out what #VAT is lol online-vat-calculator.co.uk/what-is-vat/
Can work out vat with this #calculator as well. Nice! #tax #money #finance online-vat-calculator.co.uk
@threadreaderapp unroll
@threadreaderapp unroll
@threadreaderapp unroll
My column in #SundayGuardian today,explains how 41.66% of Petrol price per litre,goes towards State VAT&levies;Only 21.59% goes towards Central taxes;Also, #BrentCrude Oil price is up 233% since April'20,so #FuelPrice rise,a global trend!
Assuming Rs93.49 per litre as #Petrol price in Mumbai,while only Rs20.18 is Central Tax,38.95,is State #VAT&levies,Rs30.82 is Basic price&3.54 is Dealer Margin
@narendramodi govt is working astutely towards #GasBased economy,from #OilBased one
My Oped👇
sundayguardianlive.com/user/sanju-ver…
@narendramodi govt is working astutely towards #GasBased economy,from #OilBased one
My Oped👇
sundayguardianlive.com/user/sanju-ver…
.@narendramodi 's efforts to shape India into #GasBased economy got a fillip with PM Modi laying foundation of 347km #DobhiDurgapur pipeline today!
Pipeline will bring 3-4 lakh piped natural gas connections to household kitchens&200 CNG stations will be set up along this route💪
Pipeline will bring 3-4 lakh piped natural gas connections to household kitchens&200 CNG stations will be set up along this route💪
A brief & simple thread on a long & complicated #Taxation Bill💶💷
This sees aspects of NI/IRL #Protocol brought into effect
TL;DR The Irish Sea is now a #customs border.
What this means in practice depends on UK-EU deal + details of y'day's JC agmt
bills.parliament.uk/bills/2811
1/8
This sees aspects of NI/IRL #Protocol brought into effect
TL;DR The Irish Sea is now a #customs border.
What this means in practice depends on UK-EU deal + details of y'day's JC agmt
bills.parliament.uk/bills/2811
1/8
#TaxationBill is infamous:
To push agmt on the #Protocol, UKG threatened to use this Bill to breach it [I'm aware that sounds nonsensical]
What UKG wd hv broken was the need for *joint* UK-EU decisions on how to implement the Protocol.
We're told they have these ready now.
2/8
To push agmt on the #Protocol, UKG threatened to use this Bill to breach it [I'm aware that sounds nonsensical]
What UKG wd hv broken was the need for *joint* UK-EU decisions on how to implement the Protocol.
We're told they have these ready now.
2/8
New analysis for the We Mean Business coalition🌿green recovery plans boost 💷income👩🔧employment and 📈GDP *better than return-to-normal stimulus measures* with the added benefit of reducing carbon emissions (1/5) #greenrecovery #buildbackbetter
bit.ly/3kbiewr
bit.ly/3kbiewr
In all geographies modelled (global, the EU, Germany, Poland, the UK, USA and India), green recovery plans were found to be more effective than return to normal stimulus approaches that reduce #VAT rates and encourage households to resume #spending (2/5)
The green recovery plans modelled are 5-point plans and include a smaller VAT reduction plus:
Public investment in #energyefficiency and electricity grid upgrades
Subsidies for #wind + #solar
Car scrappage schemes (subsidies only provided to #EVs) Tree planting programmes (3/5)
Public investment in #energyefficiency and electricity grid upgrades
Subsidies for #wind + #solar
Car scrappage schemes (subsidies only provided to #EVs) Tree planting programmes (3/5)
Chief Minister @capt_amarinder shouldn’t mislead Punjabis by indulging in farcical opposition to the Farming Produce Trade and Commerce Ordinance 2020 when his government had included its provisions in the State Agriculture Produce Markets Act by amending it in 2017. 1/3
#Punjab
#Punjab
His statement demanding the withdrawal of the Ordinance is nothing but a ploy to inflame farmers' sentiments. If the CM is really worried about the welfare of farmers and the common man, he should imm take back the steep increase affected in the #VAT on #Petrol and #Diesel. 2/3
The new APMC Act provides adequate guarantees for the continuation of MSP & assured mkting regime. Still, I would like to assure that @Akali_Dal_ will continue to follow a policy of zero-tolerance against any step which hurts the interests of Punjabis, Sikhs & farmers. 3/3
So the Finance Bill is out and I heard some people ask how it affects price of rice 😂. Lemme try and explain Sha
So first things first, what's the Finance Bill about?
A thread!
So first things first, what's the Finance Bill about?
A thread!
The Finance bill is a legislation aimed at curing the deficiencies of the current tax system. The idea is to promote fiscal equity & improve tax reforms, increase government revenue and bring more people into the tax net. This should improve the ease of doing business in Nigeria.
Also, another major objective of the bill is to make life easy for MSMEs (ease of doing business).
So, the first, probably major reform, applies to Company Income Tax. The major changes includes the following:
So, the first, probably major reform, applies to Company Income Tax. The major changes includes the following:
ITALY: imho, Salvini needed the survival of M5S to a final vote on #TAV, where the opposition would furnish sufficient "yes" votes for the project to go on with #EU money while M5S, party which is part of the government, would vote AGAINST. (1/n)
That happened on August 7th ( bit.ly/2Hd1QtV ).
But to see why that was important, let me remind you that M5S is actually born out of the Anti- TAV movement, not the other way around. (2/n)
But to see why that was important, let me remind you that M5S is actually born out of the Anti- TAV movement, not the other way around. (2/n)
Especially here in Turin, where M5S are in power, the two are joined at the hips. Let's see the situation from M5S angle first. They vote Yes to TAV, they lose most of their support base, on top of the losses incurred in the recent local elections. (3/n)
#China has taken a series measures to boost #manufacturing industry in recent years as economic growth slows down.The latest moves were cutting #VAT &
introducing more credit to manufacturers. Thanks to these measures, the
industry has seen some rebound lately,according to Wu Ge.
introducing more credit to manufacturers. Thanks to these measures, the
industry has seen some rebound lately,according to Wu Ge.
However,#credit cost is still very high for #SMEs, who are the main components of #manufacturing,according to the credit spread between #SOEs and SMEs, which rose slightly following the Baoshang #Bank issue. mp.weixin.qq.com/s/9fxogwIAw1go…
While the efforts to reduce over-capacity over the past few years have helped lessen the burden for manufacturing, a weak aggregate demand along with the global economic slowdown are still dragging down the performance of manufacturing. #economics
FWIW, here are my subjective rankings of the #ToryLeadershipContest #tax cut proposals. (This is a personal view only - I don’t have a dog, or even a vote, in this fight.) In reverse order… (1/6)
No. 5 (i.e. last). Reform #VAT and replace with a sales tax (#Gove). Bad economics. VAT is a relatively efficient tax and the current system already allows the UK gov’t to set lower rates for some goods and services to help the poor. #Brexit will increase this flexibility. (2/6)
No. 4. Raise the threshold for paying the top rate of income tax (#Johnson). Neither one thing nor the other? Won’t actually make much difference to those earning just above the old threshold, or any difference to those who earn a lot less. (3/6)
The deep-seated reasons for the whopping #house #price in #China are the overdependence of local #government on #realestate #income and lack of effective supply of public affordable housing.
1. #government takes 60-70% of developers' sales proceeds annually by land sales and taxes. Land transfer fees directly contribute to 90% of local government fund revenue,while #taxes and fees related to #realestates (especially land #VAT) account for 20%+ of local tax revenue.
2.This will push up #land prices and result in undersupply of #land. This leads to long-term #supply-#demand imbalance, since cities with more #population inflow see more serious undersupply and higher land prices.
1/Staggering conflicts of interest by the man chasing self employed doctors off of our wards and even out of the country @MelJStride MP by presiding over the forced false employment without rights of the genuinely self employed #IR35 ...& the loan charge architect @DevonLiveNews
2/this follows the previous revelation that @MelJStride, who heads up @HMRCgovuk, was making more than his ministerial salary doing PR for high profile corporate tax avoider Amazon. Furthermore he did not declare this conflict of interest to parliament.
mirror.co.uk/news/politics/…
mirror.co.uk/news/politics/…
3/This MP's loan charge policies are reportedly driving taxpayers to suicide because they undermine the #RuleOfLaw by changing the rules retrospectively. Something which was predicted but continued regardless. Eg a rather prominent warning by @IHPA_UK
standard.co.uk/business/suici…
standard.co.uk/business/suici…
🇨🇳 #China will cut export rebate rates to 13% and 9%, respectively, for exports that enjoyed 16% and 10% rebate rates in accordance with value-added tax cuts effective April 1, according to a statement from the Ministry of Finance.
*Link (Chinese): bit.ly/2Tr5h3o
*Link (Chinese): bit.ly/2Tr5h3o
🇨🇳 #China is extending a public holiday to get people to travel and spend more as the government pins its hopes on a vast consumer base to help cushion an economic slowdown - Reuters
reuters.com/article/us-chi…
reuters.com/article/us-chi…
🇨🇳 #China Regulator Says Financial Markets Can Open More Quickly - Bloomberg
bloomberg.com/news/articles/…
bloomberg.com/news/articles/…
.@ATAFtax launches 2018 African Tax Outlook. #ATAFNexus2018
