Q:
What does "VAT" stand for?
A:
Quick Answer
VAT is an acronym for value-added tax. VAT is a type of consumption tax placed on goods and services at their final value or purchase price.
Continue ReadingFull Answer
The VAT a consumer pays excludes the VAT already paid on the product or service. This typically includes indirect costs and overhead such as materials and supplies, which the manufacturer of the product has typically already paid.
Value-added tax differs from sales tax in that sales tax is imposed on the sale of tangible products and select services, whereas VAT is paid at each stage of the manufacturing process and then charged in full to the final purchaser.
Learn more about TaxesRelated Questions
-
Q:
How do you locate your federal tax refund?
A: You can find out when to expect your annual tax refund from the IRS at IRS.gov. The IRS also has a mobile app, IRS2Go, that lets you check your refund stat... Full Answer >Filed Under: -
Q:
Why would you owe taxes?
A: There are a many instances when tax must be paid, such as on income above the amount of the standard deduction from employment or other sources, on capital... Full Answer >Filed Under: -
Q:
How do you obtain a tax ID number?
A: One way to obtain an employer tax identification number for a U.S. business involves going to the Internal Revenue Service website, then applying online. A... Full Answer >Filed Under: -
Q:
What is a dependent tax deduction?
A: A dependent tax deduction is an allowance for reduced tax payments on a preset basis for those who have people who rely on them for direct monetary support... Full Answer >Filed Under:
