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Description

The Value-Added Tax (VAT) is a broad based consumption tax on goods and services. Similar to a Retail Sales Tax, the VAT has the final burden of the tax fall

The Value-Added Tax (VAT) is a broad based consumption tax on goods and services. Similar to a Retail Sales Tax, the VAT has the final burden of the tax fall on the end consumer. However, the tax is collected throughout stages of production, which means the government collects it sooner and the retailer is not the only company remitting tax to the government. As of this writing, the VAT is used in over 150 countries around the world. The United States is the only developed nation that does not have a federal VAT.

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Date Created
  • 2017-05
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  • Text
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