Understanding Tax Exemptions and Taxables

VAT/GST vs. sales tax Taxpayer? What? VAT/GST Sellers (or buyers) of taxable goods and services Sales tax Sellers (or buyers) of taxable goods and services All tangible personal property and enumerated services Where? When? All goods and services. Where goods/services are consumed Where goods/services are received/enjoyed Sales to end consumer At each stage of consumption chain Tax base? Sales price Sales price Tax burden? End consumer KPMG End consumer and businesses when transaction is non-exempt © 2021 Copyright owned by one or more of the KPMG International entities. KPMG International entities provide no services to clients. All rights reserved. 7

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