Varies with country-some have no luxury tax on imports
A value-added tax (VAT) is a form of consumption tax.
It depends on what it is being charged on. The main VAT rate is 17.5% but the new Con-Dem Government is increasing it to 20% in January 2011.
It is Value Added Tax.
VAT stands for Value Added Tax. The VAT 100 shows business how much VAT the business charged their customers, how much VAT to claim, and the total of goods that were sold in a three month period.
You have standard rate VAT which is 20%, this covers mostly everything. You then have reduced rate VAT which is at 5%, this is normally for domestic fuel. Then there is zero rate VAT which is 0% and is for most food, childrens clothing etc.
As of the 1st of January 2013 the standard rate is 23%. There are also some other rates. See the link below.
Currently, the VAT rate in South Africa, is set at 14%.
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Deferred output tax is recorded by the seller for the sale of things on credit, and the standard output tax is recorded for the sale of things that were paid for with cash.
The value added tax (VAT) in Israel is currently at 18%. This the standard rate and is used on most goods or services, imported or not.
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VAT (value added tax) is akin to State Sales Tax, which in NYC is about 8.25%