Rodolfo Basilio No Comments

What is VAT?

The basics of VAT

Value Added Tax (VAT) is a widely used term in the business world, but a few people understand how it works or where it is applicable. In simple terms, VAT is a consumption tax levied on the sales of products or services. It is termed as an indirect tax since businesses collect it on behalf of the government. Since its inception in 1973, VAT rates have changed over the years. Fair to say it’s either gone higher or lower depending on governments priorities, laws and changes in the economy. Read more