#VATexplained - Twitter Hashtag

9 months ago

Tax talk time Everyone has that one topic that never seems to make sense. For some it’s VAT, for others PAYE or Capital Gains. Which part of tax confuses you the most and why? #TaxTipsUK #UKSmallBusiness #VATexplained #FinanceMadeSimple #FinvergeAdvisors

finvergeng's tweet photo. Tax talk time
Everyone has that one topic that never seems to make sense.
For some it’s VAT, for others PAYE or Capital Gains.
Which part of tax confuses you the most and why?
#TaxTipsUK #UKSmallBusiness #VATexplained #FinanceMadeSimple #FinvergeAdvisors https://t.co/2xUCJXKNlm

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@begottensun

about 1 year ago

How Much of Your $1,000 Actually Reaches the Economy? A Deep Dive into Zimbabwe’s Transaction Taxes By @begottensun | #ZimFinance #IMTT #Ecocash #VATExplained ⸻ Let’s break down what happens when $1,000 enters the Zimbabwean mobile money or bank system. We’re looking at: •IMTT (2%) •Ecocash or Bank Fee (3%) •VAT (15%) on applicable goods ⸻ 1. Step 1: Receiving the Money When $1,000 hits your wallet, the IMTT (2%) is immediately deducted. •$1,000 × 2% = $20 to ZIMRA •Your usable balance is now $980 This tax is invisible to most, but it already trims your total. ⸻ 2. Step 2: Spending the Money You spend the full $980 in 75 equal transactions. Each transaction attracts: •2% IMTT •3% Bank or Ecocash fee Total fees per payment = 5% This means only 95% of each payment reaches your supplier. So, the actual value reaching others is: •$980 ÷ 1.05 = $933.33 ⸻ 3. Step 3: Tax on Spending From that $933.33: •IMTT on outflows = 2% of $933.33 = $18.67 •Bank/Ecocash Fees = 3% of $933.33 = $28.00 You’re down another $46.67 just for sending. ⸻ 4. Step 4: VAT Hidden in the Price Now, 50 of the 75 payments are for goods/services that include 15% VAT. •50⁄75 × $933.33 = $622.22 of your spending is VATable. •Since prices already include VAT, we back-calculate it: •VAT portion = 15⁄115 × $622.22 = $81.16 This VAT never reaches your supplier—it’s collected for ZIMRA. ⸻ 5. Final Summary: Where Your $1,000 Went DestinationAmount% of Total ZIMRA (IMTT + VAT)$20 + $18.67 + $81.16 = $119.8312.0% Ecocash / Bank Fees$28.002.8% Actual Revenue (before VAT)$852.17 85.2% ⸻ 6. Takeaway Out of your $1,000, only $852.17 reaches the economy (your pocket) as actual value. $147.83 is absorbed by the system in taxes and transfer fees. Every swipe, transfer, and payment is taxed multiple times. It adds up fast. This is why cash deals are still king for many—and why financial inclusion must come with cost reform.

begottensun's tweet photo. How Much of Your $1,000 Actually Reaches the Economy? A Deep Dive into Zimbabwe’s Transaction Taxes
By @begottensun | #ZimFinance #IMTT #Ecocash #VATExplained

⸻

Let’s break down what happens when $1,000 enters the Zimbabwean mobile money or bank system.

We’re looking at:
•IMTT (2%)
•Ecocash or Bank Fee (3%)
•VAT (15%) on applicable goods

⸻

1. Step 1: Receiving the Money

When $1,000 hits your wallet, the IMTT (2%) is immediately deducted.
•$1,000 × 2% = $20 to ZIMRA
•Your usable balance is now $980

This tax is invisible to most, but it already trims your total.

⸻

2. Step 2: Spending the Money

You spend the full $980 in 75 equal transactions.
Each transaction attracts:
•2% IMTT
•3% Bank or Ecocash fee
Total fees per payment = 5%

This means only 95% of each payment reaches your supplier.
So, the actual value reaching others is:
•$980 ÷ 1.05 = $933.33

⸻

3. Step 3: Tax on Spending

From that $933.33:
•IMTT on outflows = 2% of $933.33 = $18.67
•Bank/Ecocash Fees = 3% of $933.33 = $28.00

You’re down another $46.67 just for sending.

⸻

4. Step 4: VAT Hidden in the Price

Now, 50 of the 75 payments are for goods/services that include 15% VAT.
•50⁄75 × $933.33 = $622.22 of your spending is VATable.
•Since prices already include VAT, we back-calculate it:
•VAT portion = 15⁄115 × $622.22 = $81.16

This VAT never reaches your supplier—it’s collected for ZIMRA.

⸻

5. Final Summary: Where Your $1,000 Went

DestinationAmount% of Total
ZIMRA (IMTT + VAT)$20 + $18.67 + $81.16 = $119.8312.0%
Ecocash / Bank Fees$28.002.8%
Actual Revenue (before VAT)$852.17 85.2%

⸻

6. Takeaway

Out of your $1,000, only $852.17 reaches the economy (your pocket) as actual value.
$147.83 is absorbed by the system in taxes and transfer fees.

Every swipe, transfer, and payment is taxed multiple times. It adds up fast.

This is why cash deals are still king for many—and why financial inclusion must come with cost reform.

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Addison Lee

@AddisonLeeCabs

over 1 year ago

Have questions about VAT? We have the answers! Registering for VAT can save you time and money with our self-billing scheme - watch the video to find out more. #AddisonLee #VATExplained #DriveWithUs #LondonTaxi

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SME.TAX

@sme_tax

about 2 years ago

SME_Advice - 🌟 Turning Second-Hand into First-Savings! 💸 Learn how to legally claim VAT on pre-loved items and maximize your tax benefits (https://t.co/R2CZoT2iNB). #VATExplained #MoneyMatters

sme_tax's tweet photo. SME_Advice - 🌟 Turning Second-Hand into First-Savings! 💸 Learn how to legally claim VAT on pre-loved items and maximize your tax benefits (https://t.co/R2CZoT2iNB). #VATExplained #MoneyMatters https://t.co/BVBhLRrULH

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SME.TAX

@sme_tax

about 2 years ago

SME_Advice - 🌟 Turning Second-Hand into First-Savings! 💸 Learn how to legally claim VAT on pre-loved items and maximize your tax benefits, Check this out >https://t.co/R2CZoT2iNB<. #VATExplained #MoneyMatters

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SME.TAX

@sme_tax

over 2 years ago

SME_Advice - 🌟 Turning Second-Hand into First-Savings! 💸 Learn how to legally claim VAT on pre-loved items and maximize your tax benefits >https://t.co/R2CZoT2iNB. #VATExplained #MoneyMatters #RugbyWorldCup

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A One Outsource Accounting Services @aone_ke

almost 3 years ago

💼 Curious about VAT? 🌟 We've got your back! Get ready to dive into the world of Value Added Tax with our comprehensive guide. #VATGuide #ValueAddedTax #VATExplained #BusinessTax #FinancialEducation

aone_ke's tweet photo. 💼 Curious about VAT? 🌟 We've got your back! Get ready to dive into the world of Value Added Tax with our comprehensive guide.

#VATGuide #ValueAddedTax #VATExplained #BusinessTax #FinancialEducation https://t.co/2ODrC9WVEZ

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