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Value Added Taxes: Value Added Tax, Goods and Services Tax, European Union Value Added Tax

Value Added Taxes: Value Added Tax, Goods and Services Tax, European Union Value Added Tax


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About the Book

Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. Pages: 27. Chapters: Value added tax, Goods and Services Tax, European Union Value Added Tax, Value-Added-Tax-free imports from the Channel Islands, Harmonized Sales Tax, Value added tax identification number, Missing trader fraud, European Union Value Added Tax Area, Goods and services tax in Malaysia, VAT Information Exchange System, Low Value Consignment Relief, Niue Consumption Tax, Zero-rated supply. Excerpt: A value added tax (VAT) is a form of consumption tax. From the perspective of the buyer, it is a tax on the purchase price. From that of the seller, it is a tax only on the "value added" to a product, material or service, from an accounting point of view, by this stage of its manufacture or distribution. The manufacturer remits to the government the difference between these two amounts, and retains the rest for themselves to offset the taxes they had previously paid on the inputs. The "value added" to a product by a business is the sale price charged to its customer, minus the cost of materials and other taxable inputs. A VAT is like a sales tax in that ultimately only the end consumer is taxed. It differs from the sales tax in that, with the latter, the tax is collected and remitted to the government only once, at the point of purchase by the end consumer. With the VAT, collections, remittances to the government, and credits for taxes already paid occur each time a business in the supply chain purchases products. Maurice Laure, Joint Director of the French Tax Authority, the Direction generale des impots, was first to introduce VAT on April 10, 1954, although German industrialist Dr. Wilhelm von Siemens proposed the concept in 1918. Initially directed at large businesses, it was extended over time to include all business sectors. In France, it is the most important source of state finance, accounting for nearly 50% of state r...


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Product Details
  • ISBN-13: 9781155687018
  • Publisher: Books LLC, Wiki Series
  • Publisher Imprint: Books LLC, Wiki Series
  • Height: 246 mm
  • No of Pages: 28
  • Spine Width: 2 mm
  • Weight: 68 gr
  • ISBN-10: 1155687019
  • Publisher Date: 26 Jul 2011
  • Binding: Paperback
  • Language: English
  • Returnable: N
  • Sub Title: Value Added Tax, Goods and Services Tax, European Union Value Added Tax
  • Width: 189 mm


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