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VAT

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VAT
Value Added Tax
    
A consumption Tax which is levied at each stage of production based on the value added to the product at that stage.Value added Tax (VAT), or goods and services Tax (GST), is Tax on exchanges. It is levied on the added value that results from each Exchange. It differs from a sales Tax because a sales Tax is levied on the total value of the Exchange. For this reason, a VAT is neutral with respect to the number of passages that there are between the producer and the final consumer.
    
A VAT is an indirect Tax, in that the Tax is collected from someone who does not bear the entire cost of the Tax. To avoid double taxation on final consumption, exports (which by definition, are consumed abroad) are usually not subject to VAT and VAT charged under such circumstances is usually refundable.
Posted by  Henley & Partners Group Holdings Ltd
 
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