Standard VAT rate is 22% for all taxable goods and services. Reduced rates range from 10% (food, water, transport) to 4% (books, medical equipment). Zero VAT applies to intra-community and international transport
Drivers must meet minimum age and have valid driver's license. One year experience required, three years under 23. Proof of residency, insurance, and car registration needed. Background screening required for criminal record review
TINs are nine-digit numbers assigned by SSA or IRS for identification. Most businesses need both federal and state tax ID numbers. TINs are required for payroll, tax returns, and business banking
FATCA was passed in 2010 as part of HIRE Act to combat tax evasion. Law requires foreign financial institutions to report on U.S. account holders. Form 8938 must be filed annually for U.S. taxpayers with foreign assets over $50,000
LLC offers limited liability protection and pass-through tax treatment. Formation rules vary by state but general requirements are similar. Legal counsel not mandatory but recommended for multiple owners
TRC proves tax residency for individuals and businesses. India has DTAAs with 88 countries to avoid double taxation. TRC remains valid until end of financial year