Isn't VAT used to pay for things the goverment funds like social services and the police. That's what a lot of taxes are used for. Please correct me if i'm wrong
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I kept the original answer which is a question used to answer another question.
A VAT generally stands for a "Value added tax". As with all taxes, the monies raised are for pay down a current deficit or to raise funds for Government operating expenses or to undertake a new venture such as placing a man on Mars.
The VAT is usually a national sales tax. Currently in parts of Europe for example it is a common method to raise funds.
In the United States, so-called US State sales taxes are likened to a national sales tax, of which the Federal Government is reluctant to add upon already high sales taxes. Although I believe the Federal Government & individual states all tax gasoline purchases.
Most of the time, however, the VAT is discussed as a means to not raise Federal income taxes. The political climate for a VAT in the USA is a negative.
The Federal Government is more likely to use "luxury" taxes or create a more progressive federal income tax OR yet still close some of the many Federal income tax loopholes.
The VAT number is not the same as the EIN. The VAT number is used for value-added tax purposes, while the EIN is used for tax identification in the United States.
No, a VAT number is not the same as an EIN number. A VAT number is used for value-added tax purposes in Europe, while an EIN number is used for tax identification in the United States.
No, the VAT number is not the same as the EIN. The VAT number is used for value-added tax purposes in Europe, while the EIN (Employer Identification Number) is used by businesses in the United States for tax purposes.
To reclaim VAT, you need to be a registered business that has paid VAT on goods or services. You can reclaim the VAT by submitting a VAT return to the tax authorities, detailing the VAT you have paid and the VAT you have charged. This process allows you to receive a refund for the VAT you have paid.
A VAT number is used for tracking value-added tax on goods and services in Europe, while an EIN number is used by businesses in the United States for tax purposes.
A vat is a large tank or receptacle that is used in various industries. A vat can be as big as a house or as small as a kitchen sink. A vat is used to mix ingredients of many things.
The VAT number is not the same as the EIN. The VAT number is used for value-added tax purposes, while the EIN is used for tax identification in the United States.
The word is "vat." It is a large container used for holding liquids.
The Form VAT C4 is a form used a certificate issued by a selling VAT dealer to a purchasing VAT dealer. It lists the items that were sold, tax invoice number, date, taxable amount, and amount of tax.
No, a VAT number is not the same as an EIN number. A VAT number is used for value-added tax purposes in Europe, while an EIN number is used for tax identification in the United States.
The Form VAT C4 is a form used a certificate issued by a selling VAT dealer to a purchasing VAT dealer. It lists the items that were sold, tax invoice number, date, taxable amount, and amount of tax.
No, the VAT number is not the same as the EIN. The VAT number is used for value-added tax purposes in Europe, while the EIN (Employer Identification Number) is used by businesses in the United States for tax purposes.
The types of VAT........ 1 ) INPUT VAT @ 4 % 2 ) INPUT VAT @ 1 % 3 ) INPUT VAT @ 12.5 % 4 ) OUTPUT VAT @ 1 % 5 ) OUTPUT VAT @ 4 % 6 ) OUTPUT VAT @ 12.5 %
The VAT(Value-Added Tax) is most commonly used in the European Union. It is used whenever value is added to a product at the stage of production and at the final sale.
There is no such term as gross of VAT. The amount with VAT is called the gross amount while the net of VAT is the amount after the VAT has been deducted.
To reclaim VAT, you need to be a registered business that has paid VAT on goods or services. You can reclaim the VAT by submitting a VAT return to the tax authorities, detailing the VAT you have paid and the VAT you have charged. This process allows you to receive a refund for the VAT you have paid.
VAT that is charged by a business and paid by its customers is known as "output VAT" (that is, VAT on its output supplies). VAT that is paid by a business to other businesses on the supplies that it receives is known as "input VAT