VAT stands for value-added tax, a type of consumption tax that is applied to goods and services at every stage of production and distribution. It is also known as goods and services tax (GST) in some countries, such as Australia, Canada, New Zealand, and Singapore. In this article, we will explain what VAT is, how it works, how to calculate it, and why it is important for businesses and consumers.
VAT stands for value-added tax, a type of consumption tax that is applied to goods and services at every stage of production and distribution. It is also known as goods and services tax (GST) in some countries, such as Australia, Canada, New Zealand, and Singapore. In this article, we will explain what VAT is, how it works, how to calculate it, and why it is important for businesses and consumers.