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A value-added tax (VAT or goods and services tax (GST), general consumption tax (GCT)) is a consumption tax that is levied on the value added at each stage of a product's production and distribution. VAT is similar to, and is often compared with, a sales tax .
The concept of value-added tax (VAT) as an indirect tax was the brainchild of a German industrialist, Dr. Wilhelm von Siemens in 1918. A hundred years later, the tax which was devised to be efficient and relatively simple to collect and enforce is, together with the goods and services tax (GST), now in place in over 140 countries globally.
[4] [5] An important part of understanding value added is therefore to examine delimitations. In macroeconomics, the term refers to the contribution of the factors of production (i.e. capital and labor) to raise the value of the product and increase the income of those who own the said factors. Therefore, the national value added is shared ...
The European Union value-added tax (or EU VAT) is a value added tax on goods and services within the European Union (EU). The EU's institutions do not collect the tax, but EU member states are each required to adopt in national legislation a value added tax that complies with the EU VAT code. Different rates of VAT apply in different EU member ...
Value added tax (VAT), in which tax is charged on all sales, thus avoiding the need for a system of resale certificates. Tax cascading is avoided by applying the tax only to the difference ("value added") between the price paid by the first purchaser and the price paid by each subsequent purchaser of the same item.
Here are seven surprisingly easy-to-learn money habits that can help you save. Trending Now: Suze Orman's Secret to a Wealthy Retirement--Have You Made This Money Move? Set Up Automatic Transfers
Goods and services tax or GST (French: Taxe sur les produits et services - TPS) / Harmonized sales tax or HST (French: Taxe de vente harmonisée - TVH), a value-added tax levied by the federal government. The GST applies nationally.
You understand and accept the high fees that come along with annuities. When to skip an annuity An annuity might not be the best step for your retirement strategy if: