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NAYAK U212049 ABSTRACT Value added tax (VAT) is a type of indirect tax that is imposed on goods and services. A question that arises is whether value added tax has been a boon or misery for a developing country like India. Around 136 countries in Asia have recognized the importance of value added tax. In one of the most large scale reforms of the country’s public finances in over the past 50 years‚ India has finally agreed the launch of its much delayed value added tax from 1st April‚ 2005 at
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Modern sales tax was evolved during the great depression and the post-world war II period‚ although sales tax existed even in the early period of the civilized society1. Spain adopted the general sales tax as a national tax in 1342 and retained it for about five centuries. France introduced the general sales tax in the fourteenth century for a short period. Again‚ in 1871 that country levied payments tax which was in effect‚ a low-rate general sales tax. In the European countries‚ sales tax was introduced
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French Tax Authority‚ the Direction générale des impôts) in 1954. Over 130 countries worldwide have introduced VAT over the past three decades and India is amongst the last few to introduce it. In France‚ it is the most important source of state finance‚ accounting for nearly 50% of state revenues. At the beginning‚ VAT was only applied to large businesses but over time it was extended to include all business sectors. A value added tax (VAT) is a form of consumption tax ‚ that is‚ a tax on goods
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have just one VAT rate for all goods and services? Before finding out if the VAT influences prices‚ we should know what its role is. Value added tax is a tax on the value added to a product or material at each stage of its manufacture or distribution. So‚ as one product is taken through different stages from production to selling‚ a percentage of tax is added. At each stage of product’s life the money collected from the VAT are coming back to the payer‚ but only the final consumer will receive
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0-9848514011 6. Dinodia‚ Pradeep‚ August 31‚ 2005‚ Workshop on Value Added Tax- Issues and Concerns: Welcome Address of Pradeep Dinodia‚ New Delhi‚ Retrieved November 2‚ 2007 7. Duggal‚ P.K. 2003‚ Problems in Implementation of VAT‚ FICCI‚ New Delhi‚ Retrieved October 21‚ 2007 8. ITDWEB‚ 2005‚ Implementation of VAT: Pak ’s Experience‚ Retrieved October 21‚ 2007 9. ITDWEB‚ International Tax Dialogue Conference‚ March 16‚ 2005‚ The Value Added Tax: Experiences and Issues‚ Rome‚ Retrieved October 19‚ 2007
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1.1 BACKGROUND OF THE STUDY Value Added Tax (VAT) is a system of tax recently introduced in Nigeria‚ which is based on imposition‚ and charging 5 percent tax on certain goods and services imported or produced locally in Nigeria. The idea of introducing Value Added Tax in Nigeria came from the report of the study groups set up by the Federal Government in 1991 to review the entire Tax System. Value Added Tax was proposed and a committee was set up to carry out feasibility studies on its implementation
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Spending on Medicare and Medicaid will be 8 percent of GDP. * Nineteen percent of the non-elderly population‚ or 54 million Americans‚ will be uninsured. The cost of caring for the uninsured burdens all of us. Families with insurance pay a hidden tax of
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INVESTIGATING THE RELATIONSHIP BETWEEN VAT AND GDP IN NIGERIAN ECONOMY Denis Basila Department of Accounting Adamawa State University‚ Mubi‚ Nigeria denis.basila@yahoo.com ABSTRACT This study is an empirical investigation into the relationship between Value Added Tax (VAT) and Gross Domestic Product (GDP) in Nigeria. This research is significant for planning and policy formulation as regards revenue generation. A data based on VAT revenue figure and GDP figure from 1994 to 2008 obtained from Central Bank of
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Salazar‚ Kristine Kim B. 4-DLM 1. Arturo Tolentino vs Secretary of Finance FACTS: Tolentino et al is questioning the constitutionality of RA 7716 otherwise known as the Expanded Value Added Tax (EVAT) Law. Tolentino averred that this revenue bill did not exclusively originate from the House of Representatives as required by Section 24‚ Article 6 of the Constitution. Even though RA 7716 originated as HB 11197 and that it passed the 3 readings in the HoR‚ the same did not complete the 3 readings
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