Results for tag: "VAT"

Value Added Tax (VAT) is a type of indirect tax imposed on goods and services. It is collected by the seller at each stage of the supply chain, and the amount of tax is based on the value added to the product or service at each stage. VAT is a major source of revenue for governments around the world, and is typically used to fund public services. VAT is typically charged at a flat rate, although some countries have different rates for different types of goods and services. The rate of VAT varies from country to country, and is usually set by the government. In some countries, certain goods and services are exempt from VAT, such as basic food items and medical services. The VAT market is made up of companies that provide services related to VAT, such as tax compliance, tax planning, and tax advice. These companies help businesses to understand and comply with their VAT obligations, and to ensure that they are paying the correct amount of tax. Examples of companies in the VAT market include Deloitte, Ernst & Young, KPMG, and PwC. Show Less Read more