Value Added Tax
Ayesha Naser Al Zaabi H00019007
Nayela Mubarak Al Meraikhi H00018875
Course Code: BMAC 480
Instructor: Ms. Catherine Hill
Semester1 2009 - 2010
Table of contents
What is VAT?
How VAT works in other countriesÃ¢ÂÂ¦Ã¢ÂÂ¦Ã¢ÂÂ¦Ã¢ÂÂ¦Ã¢ÂÂ¦Ã¢ÂÂ¦Ã¢ÂÂ¦Ã¢ÂÂ¦Ã¢ÂÂ¦Ã¢ÂÂ¦Ã¢ÂÂ¦Ã¢ÂÂ¦Ã¢ÂÂ¦Ã¢ÂÂ¦Ã¢ÂÂ¦Ã¢ÂÂ¦Ã¢ÂÂ¦Ã¢ÂÂ¦2
VAT plans in the UAE.Ã¢ÂÂ¦Ã¢ÂÂ¦Ã¢ÂÂ¦Ã¢ÂÂ¦Ã¢ÂÂ¦Ã¢ÂÂ¦Ã¢ÂÂ¦Ã¢ÂÂ¦Ã¢ÂÂ¦Ã¢ÂÂ¦Ã¢ÂÂ¦Ã¢ÂÂ¦Ã¢ÂÂ¦Ã¢ÂÂ¦Ã¢ÂÂ¦Ã¢ÂÂ¦Ã¢ÂÂ¦Ã¢ÂÂ¦Ã¢ÂÂ¦Ã¢ÂÂ¦Ã¢ÂÂ¦Ã¢ÂÂ¦...3
Cannons of Taxations
Evaluation of Implemented VAT.Ã¢ÂÂ¦Ã¢ÂÂ¦Ã¢ÂÂ¦Ã¢ÂÂ¦Ã¢ÂÂ¦Ã¢ÂÂ¦Ã¢ÂÂ¦Ã¢ÂÂ¦Ã¢ÂÂ¦Ã¢ÂÂ¦Ã¢ÂÂ¦...Ã¢ÂÂ¦Ã¢ÂÂ¦Ã¢ÂÂ¦Ã¢ÂÂ¦Ã¢ÂÂ¦Ã¢ÂÂ¦Ã¢ÂÂ¦4
Evaluation of projected VAT in the UAE.Ã¢ÂÂ¦Ã¢ÂÂ¦Ã¢ÂÂ¦Ã¢ÂÂ¦Ã¢ÂÂ¦Ã¢ÂÂ¦Ã¢ÂÂ¦Ã¢ÂÂ¦Ã¢ÂÂ¦Ã¢ÂÂ¦Ã¢ÂÂ¦Ã¢ÂÂ¦Ã¢ÂÂ¦Ã¢ÂÂ¦Ã¢ÂÂ¦..5
No one can possibly deny that there are numerous kinds of tax which are applied in many countries. Every country has its own taxes' policies and procedures. In this report, we will detail a type of tax which is Value Added Tax (VAT). This tax hasn't been enforced in all countries such as United States and United Arab Emirates. Therefore, we are determining to prepare a report to asses Value Added Tax in other countries using Adams Smith's canons of taxation. After that, we will use the VAT's experience of those countries in order to help Emirati businesses to understand the real concept of VAT.
Furthermore, we will contain any UAE's plans or proposals about VAT in our project.
What is VAT?
How VAT works in other countries:
VAT in general is applied to all goods and services in some countries such as New Zealand, however, few countries had exempted a number of products from VAT. For example, most food, drink, children's clothes and other things which are considered to be necessities have no VAT on them. Moreover, VAT is a consumption tax since it is paid completely by the final customers, so it isn't one of the business's charges. Despite this fact, the seller of the goods who is the "taxable person" presents the VAT to tax authorities, not the buyer of the goods. As a result of that, VAT is...