red. On the day the GCT comes into effect, a registered taxpayer
is eligible to claim tax credits at certain prescribed rates on unused goods that are stock-in-trade, on which certain specified duties were paid and are included in the inventory as of that day.
Land and Property Tax. Property tax is payable on all real property based on the unimproved value of the land as assessed by the government valuation office. Rates are ad valorem and vary with usage; that is, commercial, agricultural, or housing.
Stamp Duty. Duties are imposed on documents, usually ad valorem.Customs Duty, Consumption Tax, and Excise. For the protection of manufacturers, customs duties are imposed on certain imported raw materials and capital goods. Consumption tax is also levied on finished goods and certain components. Excise is payable on certain locally produced goods, but these are exempt when exported (see GCT,?above).
Transfer Tax. A tax is levied on the transfer of real estate and securities equal to 7.5% of sales proceeds (but not in excess of 25% of the net gain).
Contractors Levy. A 2% tax is deducted at source on gross payments made to a contractor or subcontractor (except for service contracts) for construction, tillage, or haulage. The Income Tax Act indicates that, rom the 1985 year of assessment onwards, the levy qualifies as a tax credit for income tax liability purposes. Inland Revenue disagrees with this interpretation, and the Institute of Chartered Accountants is
currently in discussion with them on this subje
[1] [2] 下一页
上一页 [1] [2] [3] [4]
