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Title: | The financial implications of changing from CET to VAT |
Authors: | Cachia, Vanessa Ann (1999) |
Keywords: | Accounting -- Malta Indirect taxation -- Malta Value-added tax -- Malta |
Issue Date: | 1999 |
Citation: | Cachia, V. A. (1999). The financial implications of changing from CET to VAT (Bachelor's dissertation). |
Abstract: | A nation surrounded by sea, as in the case of Malta, will have developed different traditions from one which is surrounded by easily breached land frontiers. However, it is not common, and is not economically viable, for a country to experience a complete overhaul in its indirect taxation system, in such a short time-span of 24 months. Obviously, this abrupt transition from CET to VAT affected all sectors of our economy. It is the scope of this study to analyze the financial implications brought about by this reform. The effect on different stakeholders - in particular, Government, consumers, the accountancy profession and various industrial sectors is considered. The extent of these effects depends on the type of industry in which an organisation operates. These sectors can be affected by the following reforms: • introduction of a threshold to exempt small business operators • introduction of a special rate for the tourism sector with respect to accommodation • extension of facility of not paying VAT at customs • calculation of inputs and outputs on a cash basis rather than on an accruals basis • introduction of an automatic refund system • removal for the need of exemptions • setting up a clearing house • consultations of tax officials with business persons instead of issuing 'best-of judgement' assessments • reduction in the rate of 25% as a deposit on the tax due under objection. |
Description: | B.ACCTY.(HONS) |
URI: | https://www.um.edu.mt/library/oar/handle/123456789/82793 |
Appears in Collections: | Dissertations - FacEma - 1959-2008 Dissertations - FacEMAAcc - 1983-2008 |
Files in This Item:
File | Description | Size | Format | |
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B.ACCTY.(HONS)_Cachia_Vanessa_Ann_1999.pdf Restricted Access | 6.16 MB | Adobe PDF | View/Open Request a copy |
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