Chartered Skills®’s Post

Understanding US Sales and Use Tax: Key Differences from VAT! Curious about the difference between US sales and use tax and VAT? Unlike VAT, sales tax in the US is applied only to the final consumer, with no federal tax but varied state and local regulations. The "use tax" complements it, ensuring compliance when sales tax isn't collected. Learn how economic nexus rules impact remote sellers and more. Stay ahead on tax strategies! 📊 Read the full guide here: https://lnkd.in/d7j_Tv8u #Tax #VAT #SalesTax #IndirectTax #ECommerce #TaxCompliance #InternationalBusiness

FBR Clarifies Temporary Sales Tax Registration Process FBR has issued a detailed explanation of the temporary sales tax registration process, which is already defined under Rule 5A of the Sales Tax Rules, 2006. Read More: https://lnkd.in/dnp_sZy3

Navigating VAT compliance in global business can be overwhelming. Learn more about how VAT differs from sales tax, exemptions, filing, and the potential for VAT fraud. Ensure your business is prepared to handle international tax obligations effectively. https://ow.ly/rqt850UyITM

Navigating VAT compliance in global business can be overwhelming. Learn more about how VAT differs from sales tax, exemptions, filing, and the potential for VAT fraud. Ensure your business is prepared to handle international tax obligations effectively. https://ow.ly/iVcV50UzauV

Navigating VAT compliance in global business can be overwhelming. Learn more about how VAT differs from sales tax, exemptions, filing, and the potential for VAT fraud. Ensure your business is prepared to handle international tax obligations effectively. https://ow.ly/v35W50UyMqq

Navigating VAT compliance in global business can be overwhelming. Learn more about how VAT differs from sales tax, exemptions, filing, and the potential for VAT fraud. Ensure your business is prepared to handle international tax obligations effectively. https://ow.ly/biXo50UFTxR

Navigating VAT compliance in global business can be overwhelming. Learn more about how VAT differs from sales tax, exemptions, filing, and the potential for VAT fraud. Ensure your business is prepared to handle international tax obligations effectively. https://ow.ly/BnMC50UyIR3

Navigating VAT compliance in global business can be overwhelming. Learn more about how VAT differs from sales tax, exemptions, filing, and the potential for VAT fraud. Ensure your business is prepared to handle international tax obligations effectively. https://ow.ly/aeRF50UAzHu

It's about time......as we prepare those VAT computation, please remember Forth Schedule of the VAT act section 23 & 24. It states a tax invoice is required and shall contain the following particulars (a) the words "tax invoice "in a prominent place (b) the name, address and VAT registration number of the registered person making the supply (c) for a supply to a registered recipient, the name, address, and VAT registration number of the recipient (d) the individualised serial number and the date on which the tax invoice is issued (e)a description of the goods or services supplied (f) the quantity or volume of the goods or services supplied (g) the total amount of the tax charged, the consideration for the supply and the consideration including tax. VAT RETURNS ARE DUE FOR FILLING ON OR BEFORE 25th OF TAX PERIOD AND FAILURE TO THAT OF COURSE THERE IS A PENALTY #Disclaimer: The views expressed in this are solely my own and do not necessarily reflect the views of KPMG or its affiliates. This article is intended for informational purposes only and should not be construed as professional advice. Readers are encouraged to seek their own professional advice tailored to their specific circumstances. #letsdotherightandfileontime #yourfavtaxspecialist

what is value added tax VAT Value Added Tax (VAT) is a consumption tax that is added to the price of goods and services at every stage of the supply chain, from production to the point of sale. It is a type of indirect tax that is based on the value added at each stage of production or distribution. VAT is typically charged as a percentage of the final price of the product or service and is collected by businesses on behalf of the government. The aim of VAT is to generate revenue for the government and to ensure that the tax burden is distributed fairly across the economy. For example, if there is a 20% VAT on a product that costs $10, the consumer will end up paying a price of $12. Value Added Tax vs. Sales Tax Sales tax is very similar to VAT, with the key difference being that sales tax is assessed only once at the final stage of the purchase. Unlike VAT, which is assessed at each stage of purchase/production and paid by every successive buyer, sales tax is paid only once by the final consumer. A key advantage of VAT over sales tax is that the former can allocate the tax amount to different stages at production based on the value added at that stage. Since sales tax is only paid once by the final buyer, one cannot measure the value added at each production stage. It makes it difficult to track and allocate the sales tax to specific stages of production.