The three types of VAT that exist
Posted: Sun Dec 22, 2024 7:06 am
Since the publication of Law 37/1992 of December 28, there are three types of VAT and even products or services that are exempt from this tax.
The purpose of this tax and of having three different levies is generally to facilitate access to the most basic products.
Currently, we have three types of VAT:
General VAT of 21%
This is the percentage that is applied by default to all products or services that are sold. It applies 21% to the value of the product and affects most items.
General VAT taiwan mobile number example includes , for example, clothing, household appliances, footwear, etc.
Reduced VAT of 10%
We have already talked above about the reduced VAT rate , which applies 10% to the value of the product or service. We have also seen the list of items included.
Super-reduced VAT of 4%
The super-reduced VAT applies a 4% tax to make certain items even more accessible. The list of products that have the super-reduced VAT includes flour, cereals, medicines, vehicles for people with reduced mobility, etc.
And what products are exempt from VAT?
We would also like to mention products or services that are exempt from VAT , which also exist. We are talking, for example, about insurance, postage stamps, education, etc.
The purpose of this tax and of having three different levies is generally to facilitate access to the most basic products.
Currently, we have three types of VAT:
General VAT of 21%
This is the percentage that is applied by default to all products or services that are sold. It applies 21% to the value of the product and affects most items.
General VAT taiwan mobile number example includes , for example, clothing, household appliances, footwear, etc.
Reduced VAT of 10%
We have already talked above about the reduced VAT rate , which applies 10% to the value of the product or service. We have also seen the list of items included.
Super-reduced VAT of 4%
The super-reduced VAT applies a 4% tax to make certain items even more accessible. The list of products that have the super-reduced VAT includes flour, cereals, medicines, vehicles for people with reduced mobility, etc.
And what products are exempt from VAT?
We would also like to mention products or services that are exempt from VAT , which also exist. We are talking, for example, about insurance, postage stamps, education, etc.