Question

What percent of additional tax is applied if vat in 12.5%?

Answer 1

wait vat isn't used anymore... right?

Answer 2

Answer:

2.5 percent of additional tax is applied if vat in 12.5%

Explanation:

• VAT at the rate of 12.5% is charged in residual items. In other words, the items which are not falling any schedule or the goods that are not subject to the specific rate are charged @12.5%. Taking an example from DVAT - Schedule 1 specified exempted items, Schedule 2 specifies 1% items, and Schedule 3 specified 4% or 5% items. Schedule 4 specified 20% items. Therefore, the remaining items are chargeable to 12.5%.