Financial and business terms. 2012.
residual input tax — Input tax incurred by a business on goods and services used or to be used in making both taxable and exempt supplies. This value is apportioned between taxable and exempt supplies by the partial exemption method. HM Customs & Revenue Glossary … Financial and business terms
exempt supply — A supply of goods or services falling within Schedule 9 of the Value Added Tax Act 1994. A person making exempt supplies is not required to account for output tax on the exempt supplies but is unable to recover the input tax on those supplies… … Law dictionary
Tax — Taxation An aspect of fiscal policy … Wikipedia
tax — ▪ I. tax tax 1 [tæks] noun [countable, uncountable] TAX an amount of money that you must pay to the government according to your income, property, goods etc, that is used to pay for public services: • The President said he would cut taxes for… … Financial and business terms
exempt supply — A supply for which no tax is payable and in respect of which Input tax cannot be claimed. HM Customs & Revenue Glossary … Financial and business terms
Tax increment financing — Tax Increment Financing, or TIF, is a public financing method which has been used for redevelopment and community improvement projects in the United States for more than 50 years. With federal and state sources for redevelopment generally less… … Wikipedia
Value added tax — Taxation An aspect of fiscal policy … Wikipedia
Goods and Services Tax (Canada) — The Canadian Goods and Services Tax (GST) (French: Taxe sur les produits et services, TPS) is a multi level value added tax introduced in Canada on January 1, 1991, by Prime Minister Brian Mulroney and finance minister Michael Wilson. The GST… … Wikipedia
partially exempt — In the context of value added tax (VAT), a taxable person who makes taxable supplies (taxable supply) and exempt supplies (See exempt supply) will be able to recover input tax only to the extent that the input tax is attributable to his taxable… … Law dictionary
value added tax — VAT A charge on taxable supplies of goods and services made in the UK by a taxable person in the course or furtherance of a business. Where appropriate, each trader adds VAT to sales and must account to the Board of Customs and Excise for the… … Accounting dictionary
