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VAT (value added tax) is akin to State Sales Tax, which in NYC is about 8.25%

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16y ago

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What is VAT 100?

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.


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To calculate VAT input and output, first identify the VAT you paid on purchases (input VAT) and the VAT you charged on sales (output VAT). Input VAT is the tax included in the cost of goods or services acquired for business use, while output VAT is the tax collected from customers on sales. To determine the VAT you owe to the tax authorities, subtract the total input VAT from the total output VAT. If the output VAT exceeds the input VAT, you pay the difference; if the input VAT exceeds the output VAT, you may be eligible for a VAT refund.


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What is VAT output and VAT input?

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