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 ?
As regards the second essential characteristic of VAT (which states that the amount of VAT charged must be proportional to the price charged by the taxable person in return for the goods and services which he has supplied), the Court observed that "IRAP is, in contrast, a tax charged on the net value of the production of an undertaking in a given period".
In the context of business-to-consumer trade, a special VAT treatment will apply for sales and transportation of goods by a taxable person to a non-taxable person in another GCC country.
The Taxable Person or an official representative can register through the e-Services portal, available 24/7 on the FTA website, which was designed according to best international practises to facilitate registering for VAT, filing VAT returns, and paying due taxes, in addition to providing information and guides to raise public awareness around the tax system.
08 of 2017 on Value Added Tax, as well as its Executive Regulations, taxable persons are required to retroactively settle the taxes due since the law went into effect on 1st January 2018, the FTA Director-General added.
Through the Ministry of Finance, which is authorised to issue tax legislation and policies, the Tax Procedures Law was issued earlier, to govern the relationship between the FTA and the taxable persons.
The Commission's proposal to transition to the definitive system contemplates the concept of a CTP, whereby certified compliant taxable persons would be allowed to purchase intra-EU cross-border goods free from VAT in the Member State of departure and pay VAT in the destination country (or via OSS, where established).
The author covers various P2P and network models of commerce, business models for P2P networks, taxable persons and economic activity, identifying actors in P2P networks for VAT purposes, and a variety of other related issues and subjects.
She explained that the measures would be developed in line with the different types of taxes and taxable persons.
The report suggests that the higher the VAT rate - many countries with budget problems have chosen this solution due to the economic crisis - the greater the level of non-compliance by taxable persons, and compliance rates are already low due to the coexistence of multiple rates.
It says that taxable persons affected by the change of the standard VAT rate must -- on the eve of the VAT increase - go through a stock-taking of their business which includes a quantitative measurement and assessment.
Then last June the Legislature, relying on the advice of the commissioner of revenue administration, enacted a far-reaching amendment that removed all partnerships, associations and LLCs--regardless of whether or not their shares are freely transferable--from the list of taxable persons.
Recent directives try to more harmonize the application of VAT, combat fraud and make it easier for VAT taxable persons to obtain a refund of VAT incurred in another member state.