TURNOVER TAX The Turnover Tax would persons not registered for Value Added Tax render payable

on goods sold and services. The rate of Turnover Tax is 2 % on goods sold locally; For services rendered locally: o 2% on contractors grain !ills tractors and co!bine"harvesters; o #$% on others. The base of co!putation of the Turnover Tax is the gross receipts in respect of goods supplied or services rendered. A person who sells goods and services has the obligation to collect the Turnover Tax fro! the buyer and transfer it to the Tax Authority. %ence the seller is principally accountable for the pay!ent of the tax. &n accordance with the Turnover Tax 'rocla!ation (o. )$*+2$$2 the following would be exe!pted: ,ale or transfer of dwelling used for a !ini!u! of two years or the lease of a dwelling; -endering of financial services; ,upply of national or foreign currency and of securities; -endering by religious organi.ations of religious or other related services; ,upply of prescription drugs specified in directives issued by the relevant govern!ent agency and the rendering of !edical services; -endering of educational services provided by educational institutions; ,upply of goods and rendering of services in the for! of hu!anitarian aid; ,upply of electricity /erosene and water; 'rovision of transport; 'er!its and license fees; ,upply of goods or services by a wor/shop e!ploying disabled individuals 0if !ore than 1$% of the e!ployees are disabled2; ,upply of boo/s.