Varies with country-some have no luxury tax on imports
In 2004, the standard VAT (Value Added Tax) rate varied by country. For example, in the UK, the standard VAT rate was 17.5%. In the European Union, VAT rates ranged from around 15% to 25%, depending on the member state. Each country set its own rates, so it's essential to specify which country you are referring to for a precise answer.
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.
Value-Added Tax (VAT) is a form of consumption tax that is applied to goods and services at each stage of the production and distribution process. The standard VAT rate refers to the regular, default percentage applied to most taxable goods and services in a given country. Key Features of Standard VAT: Consumption-Based Uniformity International Variation Standard VAT is the main rate of value-added tax applied to most transactions.
In April 1973, the standard rate of Value Added Tax (VAT) in the United Kingdom was set at 10%. This was the initial introduction of VAT, which replaced the Purchase Tax system. VAT was introduced as part of the UK's obligations upon joining the European Economic Community (EEC).
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.
As of the 1st of January 2013 the standard rate is 23%. There are also some other rates. See the link below.
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.
Currently, the VAT rate in South Africa, is set at 14%.
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In 1972, the standard rate of Value Added Tax (VAT) in the United Kingdom was set at 10%. This was the initial introduction of VAT, which replaced the previous Purchase Tax. VAT rates and regulations have evolved since then, with subsequent adjustments made over the years.
In 1979, the standard VAT rate in the United Kingdom was set at 15%. This rate was introduced in 1973 when the UK joined the European Economic Community (EEC). The VAT rate was later increased to 17.5% in 1991.