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VAT is an indirect tax because the tax is paid to the government by the seller (the business) rather than the person who ultimately bears the economic burden of the tax (the consumer). [4] Opponents of VAT claim it is a regressive tax because the poorest people spend a higher proportion of their disposable income on VAT than the richest people. [5]
EU VAT Tax Rates. 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.
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 list focuses on the main types of taxes: corporate tax, individual income tax, and sales tax, including VAT and GST and capital gains tax, but does not list wealth tax or inheritance tax. Personal income tax includes all applicable taxes, including all unvested social security contributions.
On 1 December 2008, VAT was reduced to 15 per cent, as a reaction to the late-2000s recession, by Chancellor Alistair Darling. [citation needed] On 1 January 2010, VAT returned to 17.5 per cent. [citation needed] On 4 January 2011, VAT was raised to 20 per cent by Chancellor George Osborne, where it remains.
A value-added tax identification number or VAT identification number (VATIN [1]) is an identifier used in many countries, including the countries of the European Union, for value-added tax purposes. In the EU, a VAT identification number can be verified online at the EU's official VIES [ 2 ] website.
A Polish woman who claimed to be missing Madeleine McCann was arrested upon landing in the UK. Julia Wandelt, who also goes by Julia Wendell and Julia Faustyna, was taken into custody upon ...
The Value Added Tax Act 1994 was enacted on 30 November 1994, and came into force on 1 January 1995. It replaced the earlier VAT legislation in the UK, which had been in place since 1973. The introduction of the Value Added Tax Act 1994 was necessary to implement the European Union's VAT system in the UK.