Value Added Tax
Value added tax (VAT) is a tax on sales. It works by being charged on the sale price of new goods and services, whether purchased by intermediate or final consumers. However, intermediate consumers may reclaim VAT paid on their inputs, so that the net VAT is based on the value added by producing this good or service.
Read more about this topic: Value Added
Famous quotes containing the words added and/or tax:
““... In truth I find it ridiculous that a man of his intelligence suffer over this type of person, who is not even interesting, for she is said to be foolish”, she added with all the wisdom of people who are not in love, who find that a sensible man should only be unhappy over a person who is worthwhile; it is almost tantamount to being surprised that anyone deign having cholera for having been infected with a creature as small as the vibrio bacilla.”
—Marcel Proust (1871–1922)
“The government’s view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it.”
—Ronald Reagan (b. 1911)