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Questions and Answers
What is the VAT threshold for quarterly exemption?
What is the VAT threshold for quarterly exemption?
- 300,000
- 60,000
- 10,000
- 30,000 (correct)
If the quarterly revenue exceeds 30,000, what is the VAT rate applied?
If the quarterly revenue exceeds 30,000, what is the VAT rate applied?
- 0.5%
- 1% (correct)
- 3%
- 1.4%
What is the income tax rate for quarterly revenue between 6,000 and 15,000 after the reduction?
What is the income tax rate for quarterly revenue between 6,000 and 15,000 after the reduction?
- 1%
- 0.25% (correct)
- 0.8%
- 0.5%
What tax rate applies to quarterly income exceeding 30,000?
What tax rate applies to quarterly income exceeding 30,000?
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What is the VAT rate for a company with a quarterly revenue of 40,000?
What is the VAT rate for a company with a quarterly revenue of 40,000?
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Study Notes
Value-Added Tax (VAT)
- Monthly sales threshold of 100,000 units for VAT exemption.
- Quarterly sales threshold of 300,000 units for VAT exemption.
- If quarterly sales exceed 300,000 units, a standard VAT rate of 1% applies on the excess.
Income Tax
- Monthly taxable income threshold is set at 20,000 units.
- Quarterly taxable income must exceed 60,000 units to incur tax liability.
- Income bracket between 60,000 and 150,000 units incurs a reduced rate of 0.25% after this year's half-rate adjustment.
- Income bracket between 150,000 and 300,000 units incurs a rate of 0.4% after adjustment.
- Income over 300,000 units incurs a rate of 0.7% following the reduction policy.
Considerations for Business Registration
- Evaluation on whether to register a business based on current tax thresholds.
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