Specific type of turnover tax levied at each stage in the production and distribution process.
Although VAT ultimately bears on individual consumption of goods or services, liability for VAT is on the supplier of goods or services. VAT normally utilizes a system of tax credits to place the ultimate and real burden of the tax on the final consumer and to relieve the intermediaries of any final tax cost.

Be the first to comment

Please check your e-mail for a link to activate your account.