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Value added tax or VAT, (in Italian Imposta sul valore aggiunto, or IVA) is a consumption tax charged at a standard rate of 22 percent, which came in on 1 July 2013 (previously 21 percent). The first reduced VAT rate (10 percent) applies to water supplies, passenger transport, admission to cultural and sports events, hotels, restaurants and ...
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.
Value-added tax (VAT) is a tax on sales. It is assessed incrementally on a product or service at each stage of production and is intended to tax the value that is added by that production stage, as outlined above by unit value added.
A poll tax, also called a per capita tax, or capitation tax, is a tax that levies a set amount per individual. It is an example of the concept of fixed tax. One of the earliest taxes mentioned in the Bible of a half-shekel per annum from each adult Jew (Ex. 30:11–16) was a form of the poll tax. Poll taxes are administratively cheap because ...
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. Different rates of VAT apply in ...
The UAE federal tax system is administered by the Federal Tax Authority (FTA), which was founded ahead of the 2018 implementation of a federal value added tax (VAT). The current standard VAT rate in the country is 5%. [2] [3] In January 2022, the UAE Ministry of Finance announced the implementation of a federal corporate tax starting June 2023. [4]
The destination principle is a concept of international taxation which allows for value added taxes to be retained by the country where the taxed product is being sold. [1] They are collected on imports and rebated on exports. [1] This principle is also applied to the Goods and Services Tax of several countries like India.
While many economists and tax experts support a consumption tax, problems could arise with using a retail sales tax rather than a value added tax (VAT). [5] [38] A VAT imposes a tax on the value added at every intermediate step of production, so the goods reach the final consumer with much of the tax already in the price. [91]