zero-rated goods and services


zero-rated goods and services
Goods and services that are taxable for value added tax purposes but are currently subject to a tax rate of zero. These include:
• most food items,
• sewerage and water services for non-industrial users,
• periodicals and books,
• certain charitable supplies,
• new domestic buildings,
• transport fares for vehicles designed to carry not less than 10 passengers,
• banknotes,
• drugs and medicines,
• clothing and footwear for children,
• all exports.

Big dictionary of business and management. 2014.

Look at other dictionaries:

  • zero-rated goods and services — Goods and services that are taxable for value added tax purposes but are currently subject to a tax rate of zero. These include: • certain food items; • sewerage and water services for non industrial users; • periodicals and books; • certain… …   Accounting dictionary

  • Goods and Services Tax (Singapore) — Goods and Services Tax (Abbreviation: GST; Chinese: 消费税) was introduced in Singapore on April 1, 1994 at 3%, but later increased to 4% on 1 January 2003 and 5% on 1 January 2004. It was raised again to 7% on 1 July 2007.Singapore’s GST is a broad …   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

  • Zero-Rated Goods — Products on which a value added tax (VAT) is not levied in countries that use a VAT. Examples of goods that may be zero rated include many types of food and beverage, exported goods, donated goods sold by charity shops, equipment for the disabled …   Investment dictionary

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  • zero-rated — ˌzero ˈrated adjective TAX zero rated goods and services are those on which you do not have to pay VAT (= a type of sales tax). In Britain, most food and books are zero rated zero rating noun [uncountable] : • The decision was taken to abolish… …   Financial and business terms

  • Zero-rated supply — In economics, zero rated supply refers to items that are not charged a tax on their input supplies. The term is applied to items that would normally be taxed under valued added systems such as Europe s Value Added Tax (VAT) or Canada s Goods and… …   Wikipedia

  • zero-rated — zeˈro raˈted adjective Used of goods on which the purchaser pays no value added tax and on which the seller can claim back any value added tax already paid by him or her • • • Main Entry: ↑zero * * * zero rated UK [ˌzɪərəʊ ˈreɪtɪd] US [ˌzɪroʊ… …   Useful english dictionary

  • zero-rating — zero rated ˌzero ˈrated adjective TAX zero rated goods and services are those on which you do not have to pay VAT (= a type of sales tax). In Britain, most food and books are zero rated zero rating noun [uncountable] : • The decision was taken to …   Financial and business terms

  • zero-rate — zero rated UK US adjective TAX ► relating to goods and services on which no sales tax is paid when they are bought: »Donated goods are zero rated for VAT purposes. → Compare STANDARD RATED(Cf. ↑standard rated) zero rate verb [T] ► …   Financial and business terms


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