How to Manage Value-Added Tax Refunds PDF Download
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Author: Mario Pessoa
Publisher: International Monetary Fund
ISBN: 1513577042
Category : Business & Economics
Languages : en
Pages : 29
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Book Description
The value-added tax (VAT) has the potential to generate significant government revenue. Despite its intrinsic self-enforcement capacity, many tax administrations find it challenging to refund excess input credits, which is critical to a well-functioning VAT system. Improperly functioning VAT refund practices can have profound implications for fiscal policy and management, including inaccurate deficit measurement, spending overruns, poor budget credibility, impaired treasury operations, and arrears accumulation.This note addresses the following issues: (1) What are VAT refunds and why should they be managed properly? (2) What practices should be put in place (in tax policy, tax administration, budget and treasury management, debt, and fiscal statistics) to help manage key aspects of VAT refunds? For a refund mechanism to be credible, the tax administration must ensure that it is equipped with the strategies, processes, and abilities needed to identify VAT refund fraud. It must also be prepared to act quickly to combat such fraud/schemes.
Author: Mario Pessoa
Publisher: International Monetary Fund
ISBN: 1513577042
Category : Business & Economics
Languages : en
Pages : 29
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Book Description
The value-added tax (VAT) has the potential to generate significant government revenue. Despite its intrinsic self-enforcement capacity, many tax administrations find it challenging to refund excess input credits, which is critical to a well-functioning VAT system. Improperly functioning VAT refund practices can have profound implications for fiscal policy and management, including inaccurate deficit measurement, spending overruns, poor budget credibility, impaired treasury operations, and arrears accumulation.This note addresses the following issues: (1) What are VAT refunds and why should they be managed properly? (2) What practices should be put in place (in tax policy, tax administration, budget and treasury management, debt, and fiscal statistics) to help manage key aspects of VAT refunds? For a refund mechanism to be credible, the tax administration must ensure that it is equipped with the strategies, processes, and abilities needed to identify VAT refund fraud. It must also be prepared to act quickly to combat such fraud/schemes.
Author: Great Britain: Parliament: House of Commons: Committee of Public Accounts
Publisher: The Stationery Office
ISBN: 9780215037602
Category : Political Science
Languages : en
Pages : 40
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Book Description
On the basis of a report by the Comptroller and Auditor General, this report examined HM Revenue and Customs on getting VAT and Company Tax returns in on time, encouraging businesses to file tax returns online. The Department spends over £9 million a year on processing nine million VAT and Company Tax returns but one in five Company Tax returns and one in seven VAT returns are filed late or not at all. The Department lacks information on businesses that repeatedly file late and the links between late filing and other forms of non-compliance. The penalty regimes are variable and the fixed rate penalties for Company tax are low and not routinely applied, so the Department should also look at non-financial incentives such as tax clearance certificates. Less than 10% of companies' use online filing and the Department does not expect to meet its target of getting 50% of VAT returns filed online by 2007-8 and plans for mandatory online filing for Company Tax have been put back to 2010. Online filing would save the Department most of its current processing costs and be cheaper for businesses. Additional plans to reduce the administrative burden of filing taxes are unlikely to be implemented before 2011.
Author: Great Britain: National Audit Office
Publisher: The Stationery Office
ISBN: 9780102944020
Category : Business & Economics
Languages : en
Pages : 44
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Book Description
Value Added Tax (VAT) and Corporation Tax raised around £120 billion in revenue in 2005-06. Some 1.8 million businesses are registered for VAT and 1.8 million companies registered to file Company Tax returns, which cover their liability for Corporation Tax. This report examines the performance of HM Revenue & Customs in securing and processing VAT and Company Tax returns from businesses which should submit them. It covers: getting the returns in on time; efficiency in dealing with the returns; customer service and the compliance burden on businesses making returns. Over the last three years the number of Company Tax returns filed on time has remained broadly stable at 77 to 79 per cent and VAT return compliance rate has stabilised at 85 per cent. The Department does not have readily available information on the total number of Company Tax returns outstanding from all previous years. It also does not know the potential tax liability arising from all missing returns. At least £1.5 billion of tax is in doubt from late and non-filed VAT and Company Tax returns. The level and the way in which penalties are applied for late filing for the two tax returns has not proved effective in further improving compliance. The report finds online filing of returns could improve efficiency, and welcomes reduction in staff costs and improvements in customer service. The NAO make a number of recommendations, which may be implemented quickly and at low cost, aimed at yielding efficiency savings, reduce tax at risk, and improve the Department's progress towards its targets.
Author:
Publisher:
ISBN:
Category : Income tax
Languages : en
Pages : 12
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Book Description
Author: United States
Publisher:
ISBN:
Category : Law
Languages : en
Pages : 906
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Book Description
Author: John Brondolo
Publisher: International Monetary Fund
ISBN: 1513576488
Category : Business & Economics
Languages : en
Pages : 40
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Book Description
This technical note and manual (TNM) addresses the following questions: (1) What are the main challenges in administering the value-added tax on imported digital services and the measures that countries have introduced to address the challenges?; (2) What are the main challenges in administering the value-added tax on low-value imported goods and the measures that countries have introduced to address the challenges? ;and (3) What are the key tasks in implementing the measures for improving the administration of the value-added tax on imported digital services and low-value imported goods?
Author: OECD
Publisher: OECD Publishing
ISBN: 9264424083
Category :
Languages : en
Pages : 355
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Book Description
This report is the ninth edition of the OECD's Tax Administration Series. It provides internationally comparative data on aspects of tax systems and their administration in 59 advanced and emerging economies.
Author:
Publisher:
ISBN:
Category : Agriculture
Languages : en
Pages : 112
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Book Description
Author: Michael Lang
Publisher:
ISBN: 9789087222369
Category : Electronic books
Languages : en
Pages : 740
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Book Description
"This book will be an interesting and valuable tool for both regulators and practitioners alike to deepen their understanding of the various tax systems and the way certain issues are solved under different regimes, in order to encourage international trade and lay the groundwork for the removal of tax obstacles and related costs in global commerce."--Extracted from publisher website on March 25, 2014.
Author: Great Britain: National Audit Office
Publisher: The Stationery Office
ISBN: 9780102943825
Category : Business & Economics
Languages : en
Pages : 40
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Book Description
There are around 700,000 new businesses starting up each year, all of which are required to register with HM Revenue & Customs for their different liable taxes. If a business takes on employees for example they will need to pay, PAYE, and if the business has a turnover exceeding £61,000 they then become liable for VAT. Businesses though need to register separately for each tax for which they are liable. This NAO report examines opportunities for the HM Revenue & Customs to further improve the help to new businesses, and looks at three areas: the compliance record of newly registered businesses; the process of registering for a tax; the guidance and advice provided by the Department. The report also highlights a number of conclusions and recommendations, including: the Department should target those newly registered businesses which are likely to benefit most, such as those entirely new to business and have least understanding of their tax obligations; new businesses should be encouraged to use the email alert service provided by Business Link; the Department should make guidance forms easier to understand and complete and also work more closely with other organisations such as tax agents, Business Link and financial institutions to coordinate help for new businesses in general; the introduction of a single online tax registration for businesses would be beneficial; and the Department should work towards a one stop telephone information system to cover all taxes.
