What is VAT?

Answer 1

Value added tax

Answer 2

In a bar, it is Vodka And Tonic, anywhere else in Europe it is Value Added Tax.
Value Added Tax is a really horrible tax that the governments force all businesses to collect.
My wholesale business buys something from a manufacturer for £100 and they have to add 17.5% VAT to it so it costs me £117.50.
The manufacturer pays the £17.50 to the Government, and I claim the £17.50 back from the government.
I put the item in a box, and sell it to a shop for £200, plus £35.00 VAT (17.5% on £200). I pay the £35 to the government, and the shop claims it back from the government.
The shop sells the item for £300, plus £52.50 VAT (17.5% of £300), which they pay to the government. If the person who buys the item is not VAT registered, then tough, they can't claim the VAT back.
Why is it done this way when it causes SO MUCH work for everyone in the chain? That would be because governments don't care how much work they create for busy people, and they are all, without exception, far too stupid to invent an intelligent way of collecting tax.

Answer 3

Value Added Tax

Answer 4

Value Added Tax - placed on every product usually instead of an income tax.

Countries like Sweden and Denmark have 25% VATs on everything to pay for their government services...

Could be good or not.

Answer 5

Value Added Tax
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Answer 6

VAT is Value Added Tax. 17.5% of the money you pay for anything you buy is VAT. It goes to the government.

Answer 7

Vat : is value added tax. tax on the difference between the cost of materials and the selling price of the materials.

Answer 8

Value added tax is a general tax applied at each point of exchange of goods or services from production to final consumption. Each trader sells his product or service at a price increased by the appropriate percentage of V.A.T. He is liable for the payment of the tax so obtained from his customers, but he can claim a refund of any V.A.T including the invoice he purchased from the supplier.

Answer 9

Value Added Tax.It avoids double taxation at each level of product manufature from componets.Only value added is taxed.It is supposed to reduce product prices.It replaces general sales tax(GST)
Experiance in many countries is that value added is difficult to compute and the price increase.

Answer 10

Value Added Tax, its just a way for the capitalists to sponge money out of people for the state, but yea its 17.5% on what the product is without tax, e.g. £100 witout tax £117.50 with tax.

However some items you don't pay tax on, mainly fridge/freezer foods... hope this helps!!