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Japan's consumption lax (CTAX) is a low, single, flat rate applied to a broad base, with few exemptions and no zero-rated goods. Although the CTAX was supported by businesses, economists, and politicians, it was met with great opposition from the public and fears of government wastefulness.
(Exemptions or zero-rated goods make businesses' compliance costs extremely high and could be an audit nightmare for the Internal Revenue Service.)
The Directorate has implemented consumer protection measures to prevent collusion, overpricing and fraudulent commercial activities in addition to ensuring that VAT is not charged on zero-rated goods and services.
Meanwhile, the Customs Department will upload the list of SST zero-rated goods on its website today.
They also define profit margins and explains how to calculate VAT based on profit margins, and dress zero-rated goods and services, including telecommunications, international transportation of passengers or goods, investment grade precious metals, new and converted residential buildings, as well as healthcare, education and buildings earmarked for charity.
They created fictitious sales transactions and invoices for zero-rated goods like animal feeds, children's clothing and fruit and vegetables and pocketed reclaimed VAT for fake business costs.
BUSINESSES have been warned of hefty penalties if they charge Value Added Tax (VAT) on zero-rated goods and services starting from today.
The Domestic Trade and Consumer Affairs Ministry found that 30 per cent of 'mamak' restaurants are still raising their food prices despite the zero-rated Goods and Services Tax (GST) implemented since June 1.
"This is to ensure all comply with the laws and regulations as well as to ensure VAT is not charged on zero-rated goods and services."
Yeo also said that the impact from the surcharge for commercial users will be minimal, following the zero-rated Goods and Services Tax (GST).
However, she said, the PH government had fulfilled several promises made in its manifesto for the 14th General Election, including the implementation of the zero-rated Goods and Services Tax and stabilising oil prices.
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