Insurance Zero Rated Or Exempt

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Insurance Zero Rated Or Exempt

Prescription drugs and dispensing fees are zero rated. 2 2 where the insurance services qualify for zero rating as an international service see paragraph 3 3 or exemption from gst see paragraph 3 1 no gst is charged on the insurance premiums.

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The goods covered by this classification are items such as children s clothes and footwear water basic foods books and newspapers.

Insurance zero rated or exempt. Resellers who sell zero rated products may claim vat on any purchases that are directly related to the sale of zero rate goods. On the other hand exempt product resellers cannot claim vat on purchases related to exempt products. The main difference between the two is not from the buyer s perspective.

Exempt zero rated no vat it s all the same right. Don t get stung because of a little misunderstanding. It wasn t till i read the story of a guy who sold motorbike equipment who got a whopping tax bill over 25k did i.

While zero rated goods include items such as books goods sold by charities equipment such as wheelchairs for the disabled medicine and water exempt goods include items such as insurance certain types of training and education certain services offered by doctors and dentists postal services betting lotteries physical education works of art etc. Is more from the seller s point of view. Gst is charged on the insurance premiums at the standard rate2.

Generally if the item does not require a prescription and is intended to treat a minor ailment it is not zero rated. I recently read an article about the differences between exempt and zero rated vat and it got me thinking that they seem to be much of a muchness. Zero rated items are goods on which the government charge vat but the rate is currently set to zero.

Most over the counter medications such as aspirin vitamins and minerals cold remedies bandages etc. Not insurance and the service does not fall within another exemption or zero rate vat will be chargeable on the supply by the third party to the insurer. Vat what s the difference between zero rated and exempt items.

Are not zero rated and gst hst must be charged.

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