value-added taxes
Incremental purchase surcharges
Value-added taxes are consumption taxes collected at each stage of production, with businesses paying tax on the value they add to goods or services.
Unlike sales taxes collected only at final purchase, VAT is gathered incrementally as products move through the supply chain.
Common throughout Europe and much of the world, but not used in the United States.
Often abbreviated VAT: The UK charges 20% VAT on most goods.
- salesRevenue from goods moved
- taxMandatory public revenue charge
- tax returnIncome declaration to government
- servicesActs performed for others
- goodsThings for sale
GST · revenue · self-assessment · rates · inputs · reverse charge · government · audit trail · tax invoice · indirect · vats · consumption · purchase · transaction · cash register · import duties · export tariffs · border tax
value-added taxesincome taxes
Government's share of earnings
direct taxes · payroll taxes · wealth taxes · property taxes · capital gains taxes
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