Page 2 of 2 FirstFirst 1 2
Results 11 to 15 of 15

Thread: Income Tax and Value Added Tax

  1. #11
    Member
    Join Date
    Jan 2017
    Location
    Ha NOi
    Posts
    2

    Default Re: Income Tax and Value Added Tax

    One, abundant information on the tax will work is necessary. Second, what benefit we will receive from that contribution. Giving is ok, but we should get something in return too.

  2. #12
    Regular Member
    Join Date
    Jun 2017
    Location
    Nepal
    Posts
    28

    Default Re: Income Tax and Value Added Tax

    When VAT was introduced in my home country, there was a lot of concern over impact on sales and financial burden on the sellers. However, a person who buys things is the person why pays the VAT. When he buys, VAT is included in the price. The seller than pays back the VAT collection to the revenue collection department. IN the beginning VAT had an impact on sales, but years later people seem comfortable with it.

  3. #13
    Member Plus
    Join Date
    Mar 2016
    Location
    UK
    Posts
    73

    Default Re: Income Tax and Value Added Tax

    Quote Originally Posted by pwarbi View Post
    If VAT hadn't been introduced over here in the UK, then the government would have found a different way of doing things so like others have said, it was inevitable that we would have had to pay some sort of tax so like it or not, it's become just a fact of life.
    We already had Purchase Tax, which VAT replaced. Purchase Tax had some very odd loopholes, like the kit car industry: cars had a high levy, but car parts didn't. So customers bought all the parts for a car and built it. In practice it just created a cottage industry with some garages taking cash to build the kits for people.

    I think the problem with VAT is that it is virtually impossible to lower the VAT rate. If they could start balancing the rates to stimulate certain industries it would be seen as less of a problem.

  4. #14
    Regular Member
    Join Date
    Jun 2017
    Location
    Nepal
    Posts
    28

    Default Re: Income Tax and Value Added Tax

    In our country we don't have to pay income tax for the first 300,000 rupees we make in a year (the sum is more if you are married or have children). If you earn more than that, you will have to pay income tax. Income tax is the tax that you pay on your earnings.
    value added tax is the tax that you pay for the things you buy. The price of every commodities comes with VAT added. You as a consumer will have to pay VAT for everything you buy.

  5. #15
    Member
    Join Date
    Jul 2017
    Location
    India
    Posts
    8

    Default Re: Income Tax and Value Added Tax

    Just yesterday GST has come into effect in my country and when we compared the before and after tax values, after the introduction of GST the tax values seems like increased and for some products, they have hiked it so much that people are complaining about buying them. We know that government uses our tax money to serve us but I don't think we are served in a legit way. It is the people who suffer whenever the government does some changes in the name of welfare of the people.

Tags for this Thread

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •