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1 PageSENANA ASC Minutes, 3418 Attendance: Chairperson: Vice chair: Secretary: Treasurer: RCM: RCM Alt: H&I: P. I: Literature: Activities: Policy Chair:John R. Open Stephanie David filling in Chad
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RCM -alt stands for Reverse Charge Mechanism - Applicable Legal Tax. It is a tax mechanism where the recipient of the goods or services is responsible for paying the tax instead of the supplier.
Businesses that fall under the reverse charge mechanism regulations are required to file RCM -alt.
RCM -alt can be filled out by providing the necessary information about the goods or services, tax rates, and the amount of tax to be paid.
The purpose of RCM -alt is to ensure that the appropriate tax is paid on goods and services where the recipient is liable for payment.
Information such as the description of goods or services, tax rates, and the amount of tax to be paid must be reported on RCM -alt.
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