General Consumption Tax Frequently Asked Questions

 

This is claimed in the profit and loss account of the business as an expense. Note. If any private element is included this must be deducted.

This should be absorbed into the cost of the operations.

Yes. If the cost of the machinery is $100,000 or less, all of the input tax is claimable at the end of the taxable period in which such input tax is charged, however, effective May 2, 2011, if the cost of the machinery is over $100,000 the input tax is claimable over 3 months.

The rental rate for the instrument is - 16.5%, while the calls attract 25%.

GCT is chargeable on the total cost of the service provided and not based on the components which makes up the total cost.

Yes!

 

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GART Rates