What is the difference between withholding tax and vat

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February 23, Uncategorized No Comments. Withholding Tax Withholding tax is basically an advance and indirect source of taxation deducted at source from the invoices of the tax payer. Value Added Tax VAT is a consumption tax payable on the goods and service consumed by any person whether government agencies, business organizations or individuals.

Goods Exempted from VAT include Medical and Pharmaceutical Products; Basic food items; Books and educational materials; Newspapers and magazines; Baby products; Commercial vehicles and their spare parts, and Agricultural equipment and products and veterinary medicine; Services Exempted from VAT include Medical Services; Services rendered by Community Banks, Peoples Banks and Mortgage Institutions; and Plays and performances conducted by educational institutions as part of learning.

Break-down of payment who gets what in cash. Be wise, get a tax professional to give you precise advice. Your Money. Personal Finance. Your Practice. Popular Courses. Taxes Income Tax. Part Of. Filing Status. Types of Income. Tax Types and Terms. What Is a Withholding Tax? If too much money is withheld, an employee will receive a tax refund; if not enough is withheld, an employee will have an additional tax bill.

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Compare Accounts. The offers that appear in this table are from partnerships from which Investopedia receives compensation. This compensation may impact how and where listings appear. Investopedia does not include all offers available in the marketplace. Related Terms Your Complete Guide to Social Security Tax This tax, levied on both employers and employees, funds Social Security and is collected in the form of a payroll tax or a self-employment tax.

What Does Withholding Mean?