12-29-2004, 12:31 AM
I am naratting it to u in the scenario of Uk Tax System As i have rcently Attempted The Taxation Paper..
The differense lies in the fact that
0 rated supplies are taxable supplies which are charged at tax at rate of 0 %.
While xempt Supplies arent
1. taken into A/c when dete rminig the traders Taxable Income
2.No Tax is charged Into It
3. Input VAT coudnt be recovered on them.
thanks.........
«·´`·.(*·.¸(`·.¸ ¸.·´)¸.·*).·´`·»
«.......... S w a l a t ..........»
«·´`·.(¸.·*(¸.·´ `·.¸)*·.¸).·´`·»
The differense lies in the fact that
0 rated supplies are taxable supplies which are charged at tax at rate of 0 %.
While xempt Supplies arent
1. taken into A/c when dete rminig the traders Taxable Income
2.No Tax is charged Into It
3. Input VAT coudnt be recovered on them.
thanks.........
«·´`·.(*·.¸(`·.¸ ¸.·´)¸.·*).·´`·»
«.......... S w a l a t ..........»
«·´`·.(¸.·*(¸.·´ `·.¸)*·.¸).·´`·»
