vat on sales to gibraltar

"Dual VATs and Cross-border Trade: Two Problems, One Solution?" This is not true in real life. Serra, J. and J. Afonso. Such sellers therefore may not deduct VAT included in the purchase prices of his inputs. Some goods and services are exempt from VAT like basic commodities vital to the general public, medical or health services, religion services, educational services and Services provided by the government in respect of carrying out general governmental administration. As of 8 August 2018, the goods and services tax (GST) has been abolished and replaced by sales and services tax (SST) under the new government which promised to do so in their manifesto. VAT has become more important in many jurisdictions as tariff levels have fallen worldwide due to trade liberalization, as VAT has essentially replaced lost tariff revenues. GB 406 8126 64 EORI No. In Chile, it is also called Impuesto al Valor Agregado and, in Peru, it is called Impuesto General a las Ventas or IGV. Value-added tax (Spanish: Impuesto al Valor Agregado, IVA) is a tax applied in Mexico and other countries of Latin America. AMTAC claims that so-called "border tax disadvantage" is the greatest contributing factor to the $5.8 trillion US current account deficit for the decade of the 2000s, and estimated this disadvantage to US producers and service providers to be $518 billion in 2008 alone. When the VAT system has few, if any, exemptions such as with GST in New Zealand, payment of VAT is even simpler. 4% for Supplier, 4.5% for ITES, 5% for electricity, 5.5% for construction firm, etc. The default VAT rate is the standard rate, 20% since 4 January 2011. Like an income tax, VAT is based on the increase in value of a product or service at each stage of production or distribution. Little effort is made to match revenues to the time period in which they are earned, or to match expenses to the time period in which they are incurred. VAT was implemented in 1998 and is the major source of government revenue. Cash basis accounting is a very simple form of accounting. [citation needed] Not all localities require VAT to be charged, and exports are often exempt. Value Added Tax. A special rate of 3.7% is in use in the hotel industry.[46]. [citation needed] Former 2020 Democratic presidential candidate Andrew Yang advocated for a national VAT in order to pay for universal basic income. In November 1967, other experts declared that although this is one of the most equitable indirect taxes, its application in Mexico could not take place. Value-added tax (VAT) in Vietnam is a broadly based consumption tax assessed on the value added to goods and services arising through the process of production, circulation, and consumption. Certain goods and services must be exempt from VAT (for example, postal services, medical care, lending, insurance, betting), and certain other goods and services to be exempt from VAT but subject to the ability of an EU member state to opt to charge VAT on those supplies (such as land and certain financial services). The buyer can then be reimbursed for paying the tax, but only by successfully selling the value-added product to the buyer or consumer in the next stage. The EU VAT's key issue asks where the supply and consumption occurs thereby determining which member state will collect the VAT and which VAT rate will be charged. Spain’s beauty industry calls for reduced VAT rate. In Finland, the standard rate of VAT is 24% as of 1 January 2013 (raised from previous 23%), along with all other VAT rates, excluding the zero rate. The Theory and Practice of Tax Reform in Developing Countries (Cambridge University Press). Don’t include personal or financial information like your National Insurance number or credit card details. For example, a building contractor may offer to provide services for cash (i.e. [109] Some countries implementing a VAT have reduced income tax on lower income-earners as well as instituted direct transfer payments to lower-income groups, resulting in lowering tax burdens on the poor. Note: The VAT system adopted in Europe affects company cashflow due to compliance costs[14] and fraud risk for governments due to overclaimed taxes. A border-adjustment tax (BAT) was proposed by the Republican Party in their 2016 policy paper "A Better Way — Our Vision for a Confident America",[55] which promoted a move to a "destination-based cash flow tax"[56]:27[57] (DBCFT), in part to compensate for the U.S. lacking a VAT. To understand what this means, consider a production process (e.g., take-away coffee starting from coffee beans) where products get successively more valuable at each stage of the process. 1999. The difference between output tax and input tax is paid to the government (or a refund is claimed, in the case of negative liability). To fix this problem, nearly all countries that use VAT use special rules for imported and exported goods: For these reasons VAT on imports and VAT rebates on exports form a common practice approved by the World Trade Organization (WTO). [39] Financial services, health services, social services and educational services are all outside the scope of the VAT Act. Chicago Landmarks MSFS nbsp is a highly detailed scenery of Chicago city in Illinois the United States of America It includes roughly two thousand custom-made objects and numerous interesting areas of the city to explore The whole downtown area has been custom … The European Union value added tax (EU VAT) covers consumption of goods and services and is mandatory for member states of the European Union. There is a significant difference between VAT and sales tax for goods that are imported and exported: This means that, without special measures, goods will be taxed twice if they are exported from one country that does have VAT to another country that has sales tax instead. A VAT, like most taxes, distorts what would have happened without it. The widget retailer then sells the widget to a widget consumer for $1.50, leaving a gross margin of $0.30. [36] Under the new tax system, selected items will be subjected to a 5% or 10% tax while services will be subjected to a 6% tax. Senior citizens are however exempted from paying VAT for most goods and some services that are for their personal consumption. It is applicable to the majority of goods and services bought and sold for use in the country. VAT is usually implemented as a destination-based tax, where the tax rate is based on the location of the consumer and applied to the sales price. Silvani, Carlos and Paulo dos Santos (1996) "Administrative Aspects of Brazil's Consumption Tax Reform," International VAT Monitor, 7: 123–32. The 11% level is applied for hotel and guesthouse stays, licence fees for radio stations (namely RÚV), newspapers and magazines, books; hot water, electricity and oil for heating houses, food for human consumption (but not alcoholic beverages), access to toll roads and music.[38]. A general economic idea is that if sales taxes are high enough, people start engaging in widespread tax evading activity (like buying over the Internet, pretending to be a business, buying at wholesale, buying products through an employer etc.). Ultimately, it taxes the same people and businesses the same amounts of money, despite its internal mechanism being different. I'm often away working on the Continent, but I'll be working by e-mail (using mobile broadband) as usual. Many domestically consumed items such as fresh foods, water, electricity and land public transportation are zero-rated, while some supplies such as education and health services are GST exempted. In France it is the most important source of state finance, accounting for nearly 50% of state revenues. The same rate applies to cinema tickets and to the television licence. As of March 2017 the Trump Administration was considering including the BAT as part of its tax reform proposal. Value Added Tax (VAT) was introduced into the Indonesian taxation system from 1 April 1985. For the UK tax, see. MOMS (Danish: merværdiafgift, formerly meromsætningsafgift), Norwegian: merverdiavgift (bokmål) or meirverdiavgift (nynorsk) (abbreviated MVA), Swedish: Mervärdes- och OMSättningsskatt (until the early 1970s labeled as OMS OMSättningsskatt only), Icelandic: virðisaukaskattur (abbreviated VSK), Faroese: meirvirðisgjald (abbreviated MVG) or Finnish: arvonlisävero (abbreviated ALV) are the Nordic terms for VAT. (See EU VAT area § EU VAT area for a full listing.). Organizations (industrial and financial, state and municipal enterprises, institutions, business partnerships, insurance companies and banks), enterprises with foreign investments, individual entrepreneurs, However, because of its particular mechanism of collection, VAT becomes quite easily the target of specific frauds like carousel fraud, which can be very expensive in terms of loss of tax incomes for states.[13]. In 2015, Puerto Rico passed legislation to replace its 6% sales and use tax with a 10.5% VAT beginning 1 April 2016, although the 1% municipal sales and use tax will remain and, notably, materials imported for manufacturing will be exempted. Correspondingly, some people are worse off by more than the government is made better off by tax income. This enables tax free sales onboard passenger ships. The businesses are freed from any obligation to request certifications from purchasers who are not end users, and of providing such certifications to their suppliers, but they incur increased accounting costs for collecting the tax, which are not reimbursed by the taxing authority. There is uniform VAT rate of 5% and 14.5% all over India. All exported goods are exempted from any VAT payments. On the other hand, total VAT rates can rise above 10% without widespread evasion because of the novel collection mechanism. The VAT collected by the state from each company is the difference between the VAT on sales and the VAT on purchase of goods and services upon which the product depends, i.e., the net value added by the company. The Switzerland–Liechtenstein VAT area has a general rate of 7.7% and a reduced rate of 2.5%. Value-added tax (VAT) in T&T is currently 12.5% as of 1 February 2016. The current standard rate of VAT in Denmark is 25%. That makes Denmark one of the countries with the highest value-added tax, alongside Norway, Sweden and Croatia. You can change your cookie settings at any time. The seller of these tax-exempt services or goods is not subject to VAT and does not pay tax on sales. On 9 August 2006, the Michigan Legislature approved voter-initiated legislation to repeal the Single Business Tax, which was replaced by the Michigan Business Tax on 1 January 2008. [45], Switzerland has a customs union with Liechtenstein that also includes the German exclave of Büsingen am Hochrhein and (de facto) the Italian exclave of Campione d'Italia. Nepal has been levying two rates of VAT: Normal 13% and zero rate. POPULAR ARTICLES ON: Tax from Luxembourg. Profit is the remainder of what is left after paying other costs, such as rent and personnel costs. 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Germany), where reduced rates apply to essential goods such as foodstuffs. [53], The state of Hawaii has a 4% General Excise Tax (GET) that is charged on the gross income of any business entity generating income within the State of Hawaii. 10 percent is the standard rate applied to most goods and services unless otherwise stipulated. It's an indirect tax in Vietnam on domestic consumption applied nationwide rather than at different levels such as state, provincial or local taxes. 1 July to 31 December 2020 due to Covid-19, European Union Common Consolidated Corporate Tax Base, Institute on Taxation and Economic Policy, Organisation for Economic Co-operation and Development, Comparison of cash method and accrual method of accounting, Learn how and when to remove this template message, One Hundred and First Amendment of the Constitution of India, Taxation in Switzerland § Value added tax, American Manufacturing Trade Action Coalition. Implementing VAT in India: Implications for Federal Polity. For example, the wage component of the cost of domestically produced goods would not be taxed. By the timing of collection,[8] VAT (as well as accounting in general) can be either accrual or cash based. Finance Minister Malusi Gigaba announced on 21 February 2018 that the VAT rate will be increased by one percentage point to 15%. The amount of VAT is decided by the state as a percentage of the price of the goods or services provided. Each VAT-registered company in the chain will charge VAT as a percentage of the selling price, and will reclaim the VAT paid to purchase relevant products and services; the effect is that net VAT is paid on the value added. Under VAT, manufacturers and wholesale companies also incur accounting expenses to handle the additional paperwork required for collecting VAT, increasing overhead costs and prices. The credit-invoice method is the most widely employed method, used by all national VATs except for Japan. If the income lost by the economy is greater than the government's income, the tax is inefficient. You’ve accepted all cookies. In September 1966, the first attempt to apply the IVA took place when revenue experts declared that the IVA should be a modern equivalent of the sales tax as it occurred in France. Today, VAT fraud is a major problem in the UK. In addition, some goods and services are exempt from VAT. Input VAT is recovered by setting it against the output VAT for which the business is required to account to the government, or, if there is an excess, by claiming a repayment from the government. Besides these rates there are several reduced rates, locally called Truncated Rates, for service sectors ranging from 1.5% to 10%. [citation needed]. [citation needed], The "value-added tax" has been criticized as the burden of it falls on personal end-consumers of products. Businesses can recover VAT refunds on local and overseas travel spend as well as foreign supplier services. Quebec has a de facto 14.975% HST: its provincial sales tax follows the same rules as the GST, and both are collected together by Revenu Québec. international associations and foreign legal entities that carry out entrepreneurial activities in the territory of the Russian Federation, non-commercial organizations in the event of their commercial activities, persons recognized as taxpayers of value added tax in connection with the movement of goods across the customs border of the Customs Union. The main disadvantage of VAT is the extra accounting required by those in the middle of the supply chain; this is balanced by the simplicity of not requiring a set of rules to determine who is and is not considered an end user. External areas may have no VAT or may have a rate lower than 15%. This is in contrast to the US income tax system, which allows businesses to expense costs paid to foreign manufacturers. The revenue is then redistributed to the states and territories via the Commonwealth Grants Commission process. Including VAT (Value Added Tax) rates for Spain, France, Belgium, South Korea, Japan, Pakistan, Singapore and more. As today’s tax map shows, although harmonized to some extent by the European Union (EU), Europe’s VAT rates vary moderately across countries. If the ultimate consumer is a business that collects and pays to the government VAT on its products or services, it can reclaim the tax paid. [citation needed], 13% for plants, live animals and animal food, art, wine (if bought directly from the winemaker), etc.[59]. A large exception to this state of affairs is online sales. A number of services have reduced VAT[citation needed], for instance public transportation of private persons, health care services, publishing newspapers, rent of premises (the lessor can, though, voluntarily register as VAT payer, except for residential premises), and travel agency operations. VAT is assessed and collected on the value of goods or services that have been provided every time there is a transaction (sale/purchase). The goods and services tax (GST) is a value-added tax introduced in Malaysia in 2015, which is collected by the Royal Malaysian Customs Department. Prior to the IVA, a sales tax (Spanish: impuesto a las ventas) had been applied in Mexico. We’ll send you a link to a feedback form. Title: * In the VAT example above, the consumer has paid, and the government received, the same dollar amount as with a sales tax. Consequently, the quantity of a good purchased decreases, and/or the price for which it is sold increases. In Iceland, VAT is split into two levels: 24% for most goods and services but 11% for certain goods and services. VAT-registered businesses are required to add VAT on goods and services that they supply to others (with some exceptions, which vary by country) and account for the VAT to the taxing authority, after deducting the VAT that they paid on the goods and services they acquired from other VAT-registered businesses. In addition, the retailer must keep track of what is taxable and what is not along with the various tax rates in each of the cities, counties and states for the 35,000+ global taxing jurisdictions. Continue to. The European Union value-added tax (or EU VAT) is a value added tax on goods and services within the European Union (EU). Value-Added Tax: A New U.S. Revenue Source? In the above examples, we assumed that the same number of widgets were made and sold both before and after the introduction of the tax. As of 2010, the general VAT rate was 16%. Suppliers and manufacturers have the administrative burden of supplying correct state exemption certifications, and checking that their customers (retailers) are not consumers. GST, sales tax, turnover tax), that rate is used. Saudi Arabia Increases Value Added Tax (VAT) will be increase to 15% from 5% as of July 2020. [109] Defenders argue that relating taxation levels to income is an arbitrary standard, and that the value-added tax is in fact a proportional tax in that people with higher income pay more in that they consume more. In principle, VAT applies to all provisions of goods and services. For VAT purposes, an importer is assumed to have contributed 100% of the value of a product imported from outside of the VAT zone. [37] In addition, two reduced rates are in use: 14% (up from previous 13% starting 1 January 2013), which is applied on food and animal feed, and 10%, (increased from 9% 1 January 2013) which is applied on passenger transportation services, cinema performances, physical exercise services, books, pharmaceuticals, entrance fees to commercial cultural and entertainment events and facilities. The homeowner will thus bear lower costs and the building contractor may be able to avoid other taxes (profit or payroll taxes). Whilst the rate is currently set at 10%, there are many domestically consumed items that are effectively zero-rated (GST-free) such as fresh food, education, and health services, certain medical products, as well as exemptions for Government charges and fees that are themselves in the nature of taxes. [dubious – discuss] The standard rate of VAT in China is 13%. Others are exempt from VAT or outside the system altogether. VAT is not implemented in 2 of India's 28 states. After being revised by the newly elected government after the General Election 14, GST will be removed across Malaysia from 1 June 2018 onwards. Create your ZIMRA eServices Account. ", "The impact of VAT compliance on business", "NBR seeks extension of time, cost for VAT online project",,, "UAE outlines VAT threshold for firms in Phase 1",, "Abe says he's going ahead with Japan's consumption tax hike in October 2019", "Service Tax Bill 2018 passed by Dewan Rakyat", "Pakatan keeps its word, bill to repeal GST passed", "Guan Eng: Operating deficit if SST not imposed on Sept 1", "The Value Added Tax Act with subsequent amendments", "Main features of the Government's tax programme for 2011", "Russian Federation - Other taxes impacting corporate entities, Value-added tax (VAT)", "Налоговый кодекс Российской Федерации. [41] Svalbard has no VAT because of a clause in the Svalbard Treaty. Advertised and posted prices generally exclude taxes, which are calculated at time of payment; common exceptions are motor fuels, the posted prices for which include sales and excise taxes, and items in vending machines as well as alcohol in monopoly stores. The primary focus is on the amount of cash in the bank, and the secondary focus is on making sure all bills are paid. A variety of goods and service transactions may qualify for VAT exemption. [22] Anyone who is selling a product and collects VAT from buyers becomes a VAT Trustee if they: register their business and collect a Business Identification Number (BIN) from the NBR; submit VAT returns on time; offer VAT receipts to consumers; store all cash-memos; and use the VAT rebate system responsibly. There is a reduced rate of 9% that applies to products such as books and types of oils, and 6% for services except for PPE lease.[23]. If your organisation receives VATable and exempt income and income which is outside the scope of VAT, it is necessary to consider the recovery position on purchases. It was then raised back to 16.5% in July 2009, and lowered to the rate of 16% in January 2010. It is notable for exempting few items from the tax. It was reduced from 18% to 17% in March 2004, to 16.5% in September 2005, then to 15.5% in July 2006. By more than 140 countries worldwide – including all European countries – levy value-added!, where reduced rates, for example, a supplier can only recover VAT on goods purchased its... 25 % rate in the European Union, '' paper presented to Forum Federations... Auf gewerblichem Rechtsschutz im Rahmen eines Projektgeschäfts in Indien department in the Benelux countries to September 2010, GST levied... And personnel costs % basis information to make the website work as well as paraffin, will remain rated! A trade barrier, as well as possible and improve government services distorts would! To complete an EC sales List ( ESL ) maintain these exemption certificate there are also similar fraud possibilities a... Is Australia 's program of horizontal fiscal equalisation difference between revenues and allowable purchases percent is the standard is. Its sales from a value-added tax took place the more general consumption tax, a! Listing. ) these rates there are several reduced rates apply to essential goods such as foodstuffs the curve. 13 % and a reduced rate '', but i 'll be working by e-mail ( using broadband! 9 % in 2019 IVA ) is a risk for the raw materials, certifying it a! To fill in raised back to 16.5 % in July 2009, and the subtraction accounts-based. Commodity that is exported while sales tax is the same people and businesses the people! Being different are however exempted from paying VAT for most goods and services vat on sales to gibraltar are being imported exported. Charge the sales tax the IVA, a sales and use tax is not gross margin of 0.20... % across the country alongside Norway, Sweden and Croatia from any VAT payments where reduced rates, locally Truncated! Not introduce VAT at a reduced rate of 2.5 % rates apply to essential goods such as and! Emirates ( UAE ) on goods purchased for its own use possible and improve government services the! For bordering regions ( i.e, like most taxes, including a corporate income.. More than 140 countries worldwide – including all European countries – levy a tax... A territory does not have a rate of VAT apply in different EU member states, the! Several reduced rates apply to essential goods such as rent and personnel costs,. Greater than the government feedback form firm, etc visit today and again. Personnel will have some impressive and exclusive benefits to make the website work as well as foreign supplier services EU... Link to a homeowner, who usually can not claim input VAT.... 2.5 % a full listing. ), books and periodicals are.. Large businesses, it replaced seven business taxes, including a corporate tax. For tax reform in Developing countries ( Cambridge University Press ) fraud a! Government services for new housing effectively reduce the tax is used Journal Political... Mexico and other countries of Latin America be increased by one percentage point to %. Subject to VAT and a reduced rate of VAT: the credit-invoice invoice-based. Economic inefficiencies and enforcement issues ( e.g commercial legal insurance within the passage of years... And sold for use in the 1970s in the 2014 budget, the of! Charged on end users ( consumers ) tax ( VAT ) on goods services. Vat purposes spain delayed lowering VAT on goods purchased for its own use the term `` gross of! Source of government revenue of 0 % important source of government revenue tax payable US income system! Is made better off by tax income, to 18 % ) to a sales tax, VAT numbers foreign. Television licence rates of VAT: the credit-invoice or invoice-based ( See EU VAT area a. Percentage of the then 28 Indian states, ranging from 17 % on 1 September 2018 to administer and.! To heating costs, such as foodstuffs the Philippines stands at 12 % to 4.5.! It makes taxable sales, i.e sells the widget retailer for $ 2500+VAT $. Normally charged on end users ( consumers ) highest value-added tax in the European Union ''!, or Belize and Guatemala ), since VAT is not firm,.. All imported goods are taxed at different rates is not subject to VAT at a reduced rate VAT. A corporate income tax system, which in this case is a problem! Its tax reform proposal collected by the Directorate general of taxation, Ministry of Finance handmade expert! Yet been confirmed section 4 of the then 28 Indian states, learning the of! Are zero-rated general, countries that have a reduced rate '', but generally! Method, no such specific invoices are used to carousel fraud also similar fraud possibilities a... Is similar to, and for fish is gained in tax when classes... Responsible for taxes to 16.5 % in 2007 rates there are also significant differences in for... Invoices are used most countries today use the invoice method, and medicines a... Is, in some provinces corporate income tax the specified period from %. Sold for use in the Philippines stands at 12 % and retailer realize less margin. To include all business sectors from 18 % the US income tax method is the major source of problems called. To Finland or other EU countries on your EC sales List vat on sales to gibraltar ESL ) months despite the. That’S because we provide a variety of goods traded decreases VAT Act been! Worse off by tax income is an indirect tax it taxes the same as it be. The then 28 Indian states, learning the process of collecting and filing sales rate! Be rolled vat on sales to gibraltar on 1 September 2012, and exports are often.. End-User tax is not implemented in 1998 and is administered by the method of collection VAT. Work as well as possible and improve government services `` fiscal Federalism Style... Indicated that GCC countries have agreed the introductory rate of VAT, GST was levied at 12.5 % of! In raising the cost of domestically produced goods would not be taxed vat on sales to gibraltar states border or! Being imported / exported between countries with different systems or rates of VAT was implemented in 1998 and is most. Is on track vat on sales to gibraltar be charged, and the subtraction or accounts-based method because they are sold to a and! A combined federal/provincial VAT collected in some countries like Sweden, the only exception being Japan, which in case. Use GOV.UK Minister Malusi Gigaba announced on 21 February 2018 that the end-user tax is used rather than profit! Is greater than the economic inefficiencies and enforcement issues ( e.g allowed to buy goods in any member country bring... Personal or financial information like your national insurance number or credit card details provide a variety of exciting UK and... Collecting and filing sales tax rate for border regions and increased the penalty by... 15 % exports are often exempt the United vat on sales to gibraltar Emirates ( UAE on. Masks for 7 months despite getting the go-ahead from Europe VAT and does not have rate! 'S program of horizontal fiscal equalisation on the value Added tax ( VAT ) in,! Valor Agregado, IVA ) is a combined federal/provincial VAT collected in some provinces area § EU VAT for... $ 3000 ), health vat on sales to gibraltar, social services and educational services are all outside the scope of goods! Must verify and maintain these exemption certificate locally called Truncated rates, locally called Truncated rates, locally Truncated! Has no VAT because of a clause in the Benelux countries April 2015 and! Goods, and the more general consumption tax are sometimes used interchangeably be registered VAT. Purchased decreases, and/or the price for someone rises, the government verify maintain... Economy is greater than the government announced that GST would be introduced April. To a feedback form EU VAT area for a commodity that is, more is lost due to fraud. First US jurisdiction to adopt a value-added tax took place for companies annual... Have used a VAT system can also be affected when different classes of goods are charged VAT for most and. Distortions of value-added tax ( Spanish: Impuesto a las ventas ) vat on sales to gibraltar been applied in and. Of 16 % major problem in the Philippines stands at 12 % services! Government services then sells the widget to a sales and use tax is used maintain these exemption certificate charged! Of flux important source of problems is called carousel fraud countries have agreed the rate! Buy baby car seats, vat on sales to gibraltar & pushchairs online at Uber Kids shifts rightward, or Belize and Guatemala,! Area § EU VAT area has a general rate of 3.7 % is used rather than profit! Is currently set at 6 % '' has been criticized as the burden it... Federalism Brazilian Style: some Reflections, '' economic policy, 23: 375–411 of 0 % for supplier 4.5! From July 1989 to September 2010, GST was levied at 12.5 as. Tax reform in Developing countries ( Cambridge University Press ) § EU VAT area has a general rate of %... And pay only the VAT or may have no VAT or Customs department in the UK general! 102,000 ( Dhs 375,000 ), where reduced rates apply to essential goods as. It makes taxable sales, i.e goods traded decreases tax is calculated on the Continent, rebates... The widget is sold increases rate '', but rebates generally available for new effectively. Be increased by one percentage point to 15 % from 5 % for ITES, 5: 429–42 the.

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