taxable turnover

taxable turnover

the turnover of a business which is subject to VALUE ADDED TAX at any rate.
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As a supplier, you must register for VAT if your taxable turnover (which includes zero-rated supplies) exceeds Dh375,000 in a 12-month period, or if you expect your taxable turnover (which includes zero-rated supplies) to exceed Dh375,000 in the next 30 days.
The envisaged amendments complement the registration provision by which taxpayers undertake to apply for registration within 7 days of the date on which, on the basis of the volume and nature of the activity performed, they can reasonably be expected to reach a taxable turnover from BGN 50,000 or more within the current and next month.
5 percent and increase the taxable turnover limit from Rs.
VAT is calculated by applying proportional tax rates on the tax base for the taxable turnover of goods, services and import:
If your VAT taxable turnover is more than PS81,000 you must register for VAT, however, once registered, as well as having to charge VAT, which is redeemed by HM Customs & Excise, you'll be able to reclaim back any VAT you pay on goods and services related to your business.
He said all firms with a taxable turnover over pounds 73,000 must register.
The so-called taxable turnover includes revenue from financial and insurance services, such as rendered by an insurance broker, but even though you would have to register for VAT, the law provides an exemption and no tax is paid on such income.
If your taxable turnover is more than the current threshold, you will have to register for VAT.
And if your taxable turnover is more than pounds 60,000, you must pay VAT as well.
If a business' taxable turnover - not just profit - is more than pounds 56,000 per year they must register for VAT.
The sum of these costs was then expressed as a percentage of taxable turnover, resulting in considerably lower estimates of the costs of compliance with VAT.
The idea is that, instead of businesses calculating the VAT content of sales and purchase invoices, they apply a flat rate percentage to their taxable turnover, depending on which trade or sector they fall into.