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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. [8]
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.
For a VAT and sales tax of identical rates, the total tax paid is the same, but it is paid at differing points in the process. VAT is usually administrated by requiring the company to complete a VAT return, giving details of VAT it has been charged (referred to as input tax) and VAT it has charged to others (referred to as output tax).
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(Reuters) -U.S. President-elect Donald Trump said on Monday there would be "hell to pay" in the Middle East if hostages held in the Gaza Strip were not released prior to his Jan. 20 inauguration.
5 things I care about Sam Darnold, going through his progressions. When we talk about "quarterback whisperer" offensive play-callers, we often frame it as the head coach setting up a ...
These and other early online catalog systems tended to closely reflect the card catalogs that they were intended to replace. [2] Using a dedicated terminal or telnet client, users could search a handful of pre-coordinate indexes and browse the resulting display in much the same way they had previously navigated the card catalog.