VAT

A value-added tax (VAT) is a type of consumption tax that is placed on a product whenever value is added in a stage of production and at final sale. VAT is most often used in the European Union. The amount of VAT that the user pays is the cost of the product, less any of the costs of materials used in the product that have already been taxed.

Value-added taxation is based on a taxpayer’s consumption of goods rather than his income. More than 160 countries around the world use, value-added taxation.

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