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In economics, zero-rated supply refers to items subject to a 0% VAT tax on their input supplies. The term is applied to items that would normally be taxed under valued-added systems such as Europe's Value Added Tax (VAT) or Canada's Goods and Services Tax (GST). Examples of these items include most exports, basic groceries, and prescription drugs.
Non-tax revenues fluctuate much more from one year to another than taxes — three times as much in the European Union, [7] and slightly less than that for the globe as a whole. [8] Many countries in Africa can report changes in non-tax revenue of over 35 percent from one year to another due to variations in the price of their natural resources ...
A comparative graph of Revenue and Tax Effort from 2001 to 2010 [3] A comparative graph of Tax and Non-Tax Revenue contribution from 2001 to 2010 [4]. The Philippine government generates revenues mainly through personal and income tax collection, but a small portion of non-tax revenue is also collected through fees and licenses, privatization proceeds and income from other government ...
agricultural cooperatives, and cooperatives that are non-agricultural and non-electric in nature; residential lots worth at most P1,500,000, or house and lots worth at most P2,500,000; monthly lease of residential units at most P15,000; books and mass media publications (e.g. newspaper and magazine); transport services by non-Philippine carriers;
Fiscal incentives include: income tax holiday for a certain number of years, which translates to 100% exemption from corporate income tax; tax and duty-free importation of raw materials, capital equipment, machineries and spare parts; exemption from wharfage dues and export tax, impost or fees; VAT zero-rating of local purchases subject to ...
The tax rate varies according to the type of good and quantity purchased and is typically unaffected by the person who purchases it. Sin taxes, are a type of excise tax imposed on items that are considered harmful to society, in an effort to decrease their consumption by increasing their prices.
Dali is the first company in the Philippines to pioneer hard discount retailing in the country, with a focus on underprivileged communities as its primary market. Its stores are leanly staffed, often with just two cashiers and no baggers, which helps reduce labor and stocking costs.
Tax dumping: some tax haven states have lower corporate and personal tax rates. [citation needed] Social dumping: when a state reduces social contributions or maintains very low social standards. For example, in several U.S. states labor regulations are considerably lax and the laws that do exist are barely enforced (if at all).