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its very simple , instead of attaching fixed taxes upon small valued items, tax is instead value based. this is value added example 10euro x 22%+ total price 12.20
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∙ 12y ago
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Can you be taxed if you are under 18?
Yes, tax effects everybody, in the UK for example, you will pay VAT (value added tax) regardless of your age.
What is the entry for when vat is paid to the government?
VAT stands for value added tax. it is simply a form of compensation tax. Let suppose a firm paid $ 30,000.00 to the government under the head of value added tax on 30th June 2010. The journal entry will be as follow: DR: Value Added Tax (VAT) Account $ 30,000.00 CR: Cash / Bank Account* $ 30,000.00 * If payment is made by cash, then Cash Account will be written on the credit side. And if bank draft or cheque is paid, then Bank Account will be written on the credit side.
Disadvantages of value-added tax?
VAT taxes everyone including those less well off, regardless of income and wealth.
What is the value of a Utah sales tax token?
Green 1cent plastic tax token
What did the poll tax work against?
the poll tax worked against black code
What is the prospect of value added tax in Nigeria?
What is the prospect of value added tax in Nigeria?"
What has the author James M Bickley written?
James M. Bickley has written: 'Flat tax proposals' -- subject(s): Flat-rate income tax 'Value-added tax as a new revenue source' -- subject(s): Value-added tax 'A value-added tax contrasted with a national sales tax' -- subject(s): Use tax, Value-added tax
What is Reformed Value Added Tax in the Philippines?
The Reformed Value Added Tax in the Philippines is a consumption tax. The tax is paid on the purchase price. The abbreviation is RVAT.
Are you in favor of value added tax?
no! no!
Full form the VAT?
Value Added Taxvalue added tariffVAT is the abbreviation for "Value added Tax"-------------------------------------- ------ ----------------------------------------------
What does the V in VAT stand for?
Value as in Value Added Tax
What does the acronym VAT stand for?
Its a tax that you pay with everything you buy, Value Added Tax, generally it is a percentage based on value of import. I have never heard the term apply for a hotel unless it's another kind of tax. Value Added Tax (VAT) is a consumption tax
What is an advantage of a value added tax?
15%
Who recommended value added tax?
zhaa
What is the abbreavation of VAT?
Value added tax
What does vat stand for?
Value added tax
What is the standard vat?
It is Value Added Tax.
