Value added tax
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A value added tax (VAT) is a form of consumption tax. From the perspective of the buyer, it is a tax on the purchase price. From that of the seller, it is a tax only on the value added to a product, material, or service, from an accounting point of view, by this stage of its manufacture or distribution. The manufacturer remits to the government the difference between these two amounts, and retains the rest for themselves to offset the taxes they had previously paid on the inputs.
- See also: Wikipedia
- Related: Flat tax, Gross receipts tax, Income tax, Land value tax, Missing Trader Fraud, Progressive tax, Single tax, Turnover tax, X tax
| What is VAT? What is VAT? ec.europa.eu/.../index_en.htm - Web |
| European VAT Rates European VAT Rates www.scopulus.co.uk/taxsheets/european_vat_rates.htm - Web |
| Can your Company Reclaim VAT? Can your Company Reclaim VAT? www.vatit.com/eu-vat-reclaim/ - Web |
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