VAT (Value Added Tax)

[Expensivejoy01]

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.

 

[Augusta]

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.

 

[King Belieal]

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.

 

[emira]

VAT most times makes a product more costly than expected
but who am i to complain

 

[Fidelia]

When the government wants to control the circulation of money in the economy, it uses instruments like VAT to cut down expenditure by increasing it.

 

[Augusta]

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.

 

[King Belieal]

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.

 

[Suba]

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.

 

[Fidelia]

When the inflation is at the level it is now, government should consider reducing tax rates to help the masses.

 

[Suba]

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.