While the United States imposes a retail sales tax, many countries across the globe impose a value-added tax. VAT is similar to the retail sales tax, but it is imposed at every stage of the production ...

Effective cash flow management is critical to running a successful business. However, many companies overlook this fundamental principle, focusing primarily on revenue under the assumption that ...

This paper analyses and compares two different groups of tools, the first to encourage the use of invoices (or payment systems) and the second to refund the VAT to low-income individuals. The analysis ...

This paper contains a proposal (referred to as the "modified reverse-charging" approach) to tax financial intermediation services under a VAT. At the heart of the proposal is the application of a ...

Invoices in formats such as PDF or XML or other electronic formats are treated equally to invoices in paper format. Of course, the overriding principle in relation to each VAT invoice is the need to ...

Invoice timing: Taxpayers should also ensure that all VAT invoices are issued in a timely manner. VAT invoices must be issued by taxpayers within 15 days of the end of the month in which the goods or ...

The special value-added tax (VAT) invoice, also called special VAT fapiao, is an essential document used to offset input VAT from output VAT, thereby relieving the taxpayer from VAT payment ...

ANY person who, in the course of his trade or business, sells, barters, exchanges or leases goods or properties, or renders services, and any person who imports goods, shall be liable to the 12 ...