Which of the following statements is correct? a. Export sale by a VAT registered person is subject to 0% VAT. b. Export sale by a non-VAT registered person is subject to 3% percentage tax. c. Both statements are correct d. Both statements are incorrect.

Which of the following statements is correct? a. Export sale by a VAT registered person is subject to 0% VAT. b. Export sale by a non-VAT registered person is subject to 3% percentage tax. c. Both statements are correct d. Both statements are incorrect.

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter12: Alternative Minimum Tax

Section: Chapter Questions

Problem 7DQ: Can any nonrefundable credits, other than the foreign tax credit, reduce the regular income tax...

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Concept explainers

Filing Federal Income Tax Return

A tax is the amount of money paid to the government on the revenue earned by the individual or business organization. It acts as an income for the government and an expense for the individual or business organization. There are different regulations regarding filing an income tax return in other countries.

Question

Which of the following statements is correct?

a. Export sale by a VAT registered person is subject to 0% VAT.

b. Export sale by a non-VAT registered person is subject to 3% percentage tax.

c. Both statements are correct

d. Both statements are incorrect.

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