What is the return of VAT?
VAT refund is a value added tax paid from certain purchases. VAT is charged in many countries around the world. Tourists and non -residents and companies located outside these countries are often eligible to return VAT tax for goods and services purchased for export or business purposes. There are certain restrictions and requirements that must be observed in order to be eligible to return VAT tax. Different countries have different names for VAT. For example, in Australia and Canada, value added tax is usually called goods and services or GST. In Japan it is generally referred to as Japanese consumption taxo or JCT.
No matter what accurate name, VAT basically works as a turnover tax. It usually adds a specified tax percentage to the cost of the item to take into account the "added value" from production to the consumer delivery. The tax usually ranges from 5 percent to 25 percent, depending on the ground and sometimes the type of purchase of items.
In order to qualify for VAT refund, non -resident consumer must usually buy goods for export (such as souvenirs) from the store participating in the VAT tax system. In many cases, the purchase must meet the minimum amount in one store. In order for consumers to usually keep income and fill in special forms, often distributed in the participating stores. Then, in general, this paperwork must be embarrassed by a customs officer before leaving the country in which VAT was paid. The marked paperwork usually must be sent or brought to the Return Returns Return Return to obtain a return of VAT tax.
For non -resident companies, to qualify for returning taxes from VAT, purchased goods and services must generally be strictly related to business negotiations. In some cases, prior VATK -qualification may be required for purchased goods or services. Many large companies and companies that inThere are a lot of international business with a VAT refund that generally processes paperwork and procedures needed to obtain a refund of VAT.
Some may be surprised why non -residents are allowed to return taxes from VAT, while residents are obliged to pay VAT. There is a certain idea that a consumer or business that probably will not benefit from tax should not apply. More often, however, VAT compensation is part of a set of tax systems intended to promote tourism and international business. When the country allows you to return VAT money, it often makes goods and services more competitive in the global economy.