Value Added Tax (VAT) is a term you may have come across when purchasing goods, reading a receipt, or even when considering starting a business. As one of the primary sources of revenue for many governments, VAT has a significant impact on our daily transactions. But what exactly is VAT, and how does it impact both businesses and consumers? In this blog post, we will explore the fundamentals of VAT, its purpose, and how it functions in practice.
Source VATAI
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