Encyclopedia > VAT

  Article Content

VAT

VAT, or Value Added Tax, is a tax levied on the sale of goods and services. The difference from conventional sales tax is that every business pays it, and it is calculated as a fraction of the value added by a business to its products. The VAT was invented because very high sales taxes and tariffs encourage cheating and smuggling. The VAT is common in countries of the European Union.



All Wikipedia text is available under the terms of the GNU Free Documentation License

 
  Search Encyclopedia

Search over one million articles, find something about almost anything!
 
 
  
  Featured Article
East Farmingdale, New York

... population is spread out with 26.0% under the age of 18, 9.4% from 18 to 24, 34.6% from 25 to 44, 19.4% from 45 to 64, and 10.6% who are 65 years of age or older. Th ...

 
 
 
This page was created in 94.8 ms