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VAT (Value Added Tax)

Expensivejoy01

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Value added tax is a consumption tax on the supply of goods and services. It is an indirect tax designed in the manner of a final tax liability on the final consumer of goods or services. The tax is borne by the final consumer of goods and services because it is included in the price paid, although VAT element is to be separately indicated in the tax invoice.
 
Es, Value added tax (VAT) is a consumption tax on the supply of goods and services. It is mostly borne by the final consumer of goods and services because it is included in the price paid.
The VAT now in my country is about 7.5% the actual cost of the product. I find the tax rate to be very high and unattainable.
 
The VAT now in my country is about 7.5% the actual cost of the product. I find the tax rate to be very high and unattainable.
That's why the prices of things now are throat cutting. When the sellers add the tax amount to the selling price, it becomes just too much for the common man.
 
That's why the prices of things now are throat cutting. When the sellers add the tax amount to the selling price, it becomes just too much for the common man.
Cost of production is already high and you add the high cost of VAT to it, it becomes very difficult to even purchase basic utilities even with an average income.
 
VAT is collected by traders/sellers who have been registered or confirmed as taxable entrepreneurs, but those who are obliged to pay are the final consumers. Taxable entrepreneurs must also create an electronic tax invoice which must be deposited with the local tax office.
 
When the inflation is at the level it is now, government should consider reducing tax rates to help the masses.
In my country, the VAT rate is 11%, which reduces people's purchasing power. The government often does not think about people's financial capabilities and only cares about itself.
 
VAT is empowering in all types of goods and services like workers, entrepreneurs, homeowners, investors. Only people below the poverty line are tax free. We're deducted 12% VAT at work and at all stores, malls, and other services. Only in public markets NO VAT imposition.
 
In fact, VAT is imposed on everyone without exception, there are no rich or poor, especially when they buy goods such as cigarettes, soft drinks, etc. VAT has been added to the cost of goods sold.
There is no VAT in public markets which is why people mostly buy products in the public market. There are stores inside but no VAT is added nor receipt of payment 😁.
 
There is no VAT in public markets which is why people mostly buy products in the public market. There are stores inside but no VAT is added nor receipt of payment 😁.
That's right, it's not the stores or in the public market that add VAT, but the manufacturers/factories, when releasing goods such as soft drinks, packaged coffee, they have added VAT such as soft drinks 11% of the factory selling price.
 
That's right, it's not the stores or in the public market that add VAT, but the manufacturers/factories, when releasing goods such as soft drinks, packaged coffee, they have added VAT such as soft drinks 11% of the factory selling price.
Yes, for sure which is why, the stores insanely increase the prices to take revenge of the VAT that's put on their shoulders which is a normal thing being business operators he he.
 
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