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 ?
The proposal establishes that VAT is subject to transfers of goods and services effected within the national territory, for consideration by a taxable person acting as such.
FTA director general, Khalid Ali Al Bustani, underlined the important role that tax agents play in strengthening the relationship between the authority and taxable persons, improving compliance rates, raising awareness around the principles of the tax system and its executive and control regulations, and introducing the services and facilities the FTA offers to help taxpayers comply with regulations.
For example, real estate zones could be assigned the cases of taxable persons concerning housing societies, including cooperative and departmental housing societies, private housing schemes, real estate projects launched by builders and developers, real estate companies, housing authorities, marketing companies engaged in the real estate sector, owners and sponsors of plazas and complexes, investors in real estate schemes, societies, projects and complexes, major property dealers, brokers and commission agents involved in the real estate sector.
A registered business may apply the profit margin scheme to eligible goods in the following circumstances: if the goods were purchased from either a person who is not registered for VAT or a taxable person who calculated VAT on the supply by reference to the profit margin, i.e.
The FTA explained that this update was introduced to answer requests submitted by taxable persons and businesses registered with the Authority.
As such, taxable persons (whether businesses or an individual with an annual supply threshold of at least $100,000 registered with the competent tax authority) need to understand the underpinning principles of intra-GCC trade in the post-VAT era.
The FTA stressed that taxable persons should prepare all tax return requirements before starting the online submission."The success of the UAE tax system is a shared responsibility requiring continuous strategic collaboration between the public and private sectors," said Khaled Al Bustani, noting that the Federal Tax Authority works hand in hand with all relevant authorities to provide taxable businesses with the best services.
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.
The unconstitutionality derives from violation of basic principle of constitutional rule of law committed by the Legislature during the processing of the bill, since a draft was published and then through a replacement which was never published, key tax issues were amended relating to taxable persons (obligated) and of the rate, also in the replacement text, which was never published, sanctions not mentioned in the original bill were introduced.
It also affects Filipinos with US green cards as they may meet the residency requirements for the IRS and in their eyes are seen as 'US taxable persons' in the same manner as actual citizens.
She explained that the measures would be developed in line with the different types of taxes and taxable persons.
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.