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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 .
Unlike the value added tax, a sales tax is imposed only at the retail level. In cases where items are sold at retail more than once, such as used cars, the sales tax can be charged on the same item indefinitely. The definitions of retail sales and taxable items vary among the states.
Map of the world showing national-level sales tax / VAT rates as of October 2019. A comparison of tax rates by countries is difficult and somewhat subjective, as tax laws in most countries are extremely complex and the tax burden falls differently on different groups in each country and sub-national unit.
“An issue comes up about the VAT margin for second-hand car sales, we find a solution,” he said. “Then another issue pops up, and another, and another: whack-a-mole.
Understanding federal tax credits is not an easy feat, especially when it comes to ever-evolving laws around tax credits for electric cars. If you bought an EV (or are thinking of buying one) in ...
Today, the average used car has around 70,000 miles, and some dealerships take in cars with up to 150,000 miles as trades. However, a vehicle with lower miles usually sells for a higher price than ...
It is administered and collected by HM Revenue and Customs, primarily through the Value Added Tax Act 1994. VAT is levied on most goods and services provided by registered businesses in the UK and some goods and services imported from outside the UK. [2] The default VAT rate is the standard rate, 20% since 4 January 2011.
This is a list of countries by motor vehicle production based on International Organization of Motor Vehicle Manufacturers and other data from 2016 and earlier. Figures include passenger cars , light commercial vehicles , minibuses , trucks , buses and coaches .