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19% (standard rate) 9% (food, medicines, books, newspapers and hotel services) 5% (reduced rate) [43] 10% Taxation in Romania Russia [40] 20% [2] 13% 15% (for those earning more than 5 mil. roubles a year) [195] 35% for non-residents 20% (standard rate) 10% (books, certain items of food and children goods) 0% (house or flat) Taxation in Russia ...
The existing sales tax (Spanish: impuesto a las ventas) was replaced by VAT (Spanish: Impuesto al Valor Agregado, IVA) on 1 January 1980. As of 2010, the general VAT rate was 16%. This rate was applied all over Mexico except for border regions (i.e. the United States border, or Belize and Guatemala), where the rate was 11%.
The existing general sales tax laws were replaced with the Value Added Tax Act (2005) and associated VAT rules. A few states (Gujarat, Tamil Nadu, Rajasthan, Madhya Pradesh, Chhattisgarh, Jharkhand, Uttarakhand and Uttar Pradesh) opted to stay out of VAT taxation system during the initial introduction of VAT but adopted it later.
The TDS rate for insurance commission, life insurance policy payments, rent payments, and commission or brokerage payments is proposed to be decreased from 5% to 2%. The TDS rate on payments made by e-commerce operators to e-commerce participants for the sale of goods or services is set to be reduced from 1% to 0.1%.
Different rates of VAT apply in different EU member states. The minimum standard rate of VAT throughout the EU is 15%, although reduced rates of VAT, as low as 5%, are applied in various states on various sorts of supply (for example, domestic fuel and power in the UK). The maximum rate in the EU is 25%.
The top rate reduced from 83% in 1979 to 40% by 1988. The basic rate also decreased from 33% to 25% during the same period. These cuts aimed to encourage work, entrepreneurship, and investment, ultimately stimulating economic growth. [29] To offset the revenue loss from income tax cuts, Thatcher's administration raised the VAT rate from 8% to 15%.
In its 2010 Global Survey for VAT/GST/Sales tax rates for books and electronic publications, 15 countries have exemptions for all books, 33 have reduced rates for all books, 26 have reduced or exemption for books with limitations, and 13 have no reductions that apply. [68]
There are two lower rates of 10% and 4%. The 10% rate is payable on most drinks, hotel services, and cultural events. The 4% rate is payable on food, books and medicines. [7] An EU directive means that all countries of the European Union have VAT. All exempt goods and services are listed below. Education provided by the state; Tutoring