What is the standard rate of VAT? (%)
21 %
Name 3 domestic transactions that are exempt from the normal tax rate.
healthcare, educational activities, cultural activities, social activities, social welfare assistance, sporting activities, real estate, financial transactions
Name 2 foreign transaction that are exempt from normal VAT rate.
exports (deliveries of goods transported outside the European Union), intra-community deliveries of goods to business customers by transport to another Member S
What is the rate of reduced VAT? (%)
10 %
Name 5 products that are VAT exempt.
Postage stamps, Masks, antibacterial gel, probes, syringes, thermometers, gloves, oxygen, protective goggles, etc.
Which areas of Spain does the VAT apply?
Mainland Spain and the Balearic Islands.
Is the transportation of passengers by boat from Valencia to Mallorca subject to VAT? Why/ Why not?
Yes, since Valencia and Mallorca are territories where VAT applies.
From which moment is the input VAT paid by a businessperson deductible?
From the moment they are incurred as a result of the acquisition of goods
What does VAT exemption mean?
VAT exemption means that certain goods or services are exempt from the tax, and therefore, VAT is not applied to them.
Who does pay the VAT to the tax office?
Taxpayers
Is VAT a direct or indirect tax?
indirect
What does VAT stands for?
Value-Added Tax
What is a VAT taxpayer ?
A VAT taxpayer is a person or entity that is required to collect and remit VAT to the government, such as businesses and professionals
What is a final consumer?
A final consumer is a person who purchases goods or services for their own consumption and is not obligated to collect or remit VAT.
How is VAT calculated in a transaction?
VAT is calculated by multiplying the selling price by the applicable VAT rate and then subtracting the amount of input VAT on the purchase, if applicable.
What is the difference between accrued VAT and input VAT?
Accrued VAT is the tax charged by a seller in a transaction, while input VAT is the tax paid by a buyer in a transaction.
