What is VAT?
Value Added Tax (VAT) is a consumption tax that is levied on the value added to goods and services at each stage of production or distribution. Unlike sales tax that is imposed only on the final sale of a product or service, VAT is charged on all intermediate stages of production. VAT is typically added to the price of the product or service and collected by businesses as they make sales. VAT is a major source of revenue for many countries, and its rates and regulations vary widely depending on the jurisdiction.
This mind map was published on 17 May 2023 and has been viewed 122 times.
