Introduction to Value Added Tax (VAT) Value Added Tax (VAT) represents a modern taxation system that imposes a tax on the added value at each stage of production and...
Introduction to Value-Added Tax (VAT)
Value-Added Tax (VAT) is a modern tax system that imposes a tax on the added value at each stage of production and distribution. The primary goal of VAT is to create a consistent and fair method of taxation by ensuring that taxes are applied to the value added at each phase of the supply chain, from the manufacturer to the final consumer.