Taxable Person


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Taxable Person

The person or company from whom a government collects a value-added tax. A value-added tax is a tax on the new value of a good or service at each stage of the production process. The taxable person is thus assessed a tax on the value added to the product, rather than the total value of the sale. The taxable person is always the seller, though the tax is almost always passed on to the customer in the form of a higher price.
References in periodicals archive ?
A specific feature of this system would be to tax the supply of goods to a taxable person in the EU in the country where the recipient is located with a complementary mandatory reverse-charge mechanism in the country of the recipient.
Article 44 sets forth the general rule and substantially modifies the present system: "The place of supply of services to a taxable person acting as such shall be the place where that person has established his business.
The ruling went on: "The national measures at issue provide that a taxable person other than the person who is liable can be made jointly liable to pay the VAT if, at the time of the supply to him, the former knew or had reasonable grounds to suspect that some or all of the VAT payable would go unpaid.
Company A does not charge VAT on that supply if Company B is a taxable person in another EC jurisdiction and has supplied Company A with its VAT registration number.
The right of a taxable person to deduct VAT cannot be affected by the fact that, without that person knowing or having any means of knowing, another transaction in the chain is vitiated by fraud.
Distortions in the recovery of VAT can also arise where a fully taxable person is involved in other auxiliary transactions such as cash pooling activities (3) or selling shares (where such sales are outside of the principal commercial activities of the business).
The court said that the EU's sixth VAT directive does "not require the taxable person.
The proposed change would limit the instances where a supplier is required to register for VAT purposes and increase reliance on the reverse charge (or self-assessment) mechanism where a taxable person receives services from a person not located in the same Member State.
The Commission believes that such a change would (i) limit the instances where a supplier is required to register for VAT purposes in a Member State other than where it is established, and (ii) increase reliance on the reverse charge (or self assessment) mechanism where a taxable person receives services from a person not located in the same Member State.
The Brussels architect is not considered a taxable person under the U.
Contents: 25% magnesium Mg0 readily soluble in water20% of the sulfur S readily soluble in water Purchaser is a taxable person the agricultural and ordered the product for their own use.
Other Member States, despite obvious advantages to collecting VAT from a few large taxpayers, employ various other rules for determining which taxable person must declare VAT on those transactions.