TaxesProfits tax Value added tax (vat) Looking through Taxable period Fixed income Global income tax
Destination principle
One of the core principles in a VAT system is the destination principle. This principle requires that VAT on goods is paid in the country where the buyer resides, also known as the country of consumption. This means that the applicable VAT rate is determined based on the domestic supplier's rate, even if the goods were purchased from a foreign supplier. This ensures that the VAT is collected at the final point of consumption, promoting fairness and reducing the potential for tax evasion.
Related terms
Understand the meaning and definition of Profits tax in the context of stock market, trading, and investments.
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MOREUnderstand the meaning and definition of Looking through in the context of stock market, trading, and investments.
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