Tax Identification Number …
i am a new beginner in the farming sector venturing into livestock farming i.e piggery and as we know its take almost a year for maturity before sale can be made, my question here as a long term business venture do farmer pay tax if yes what are the tax percentage? (2) does for our government subsides for farmers?
Answered 2 weeks, 3 days ago
As long as you have a registered business name, you entitled to pay taxes. You are entitled to VAT. Under agriculture, the only services not entitled to VAT are fertilizer production, farming transportation and farming machinery.
Vat is 7.5%
There are government subsidies for Farmers. Remember the anchor borrowing programs for Rice Farmers. So you want to visit Bank of Agriculture or the ministry of agriculture for this.
You can consult a tax consultant for further clarification.