UK Accounting Glossary
Goods and services that are taxable for value added tax (VAT) purposes but are currently subject to a tax rate of zero.
Refers to goods and services that are taxable for value added tax purposes but are currently subject to a zero percent tax rate.
These differs from exempt in that the VAT attributable is allowable for input tax credit.
These differ from exempt status in that the VAT attributable is allowable for input tax credit.
Examples of Zero-rated supplies include:
Countries using VAT designate certain goods as zero-rated goods. Zero-rated goods are typically individualised items. In many cases, buyers use zero-rated goods in production and benefit from paying a lower price for the goods without the tax.
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Definitions for Zero-Rated Goods And Services are sourced/syndicated from:
This glossary post was last updated: 27th January 2019.