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Value added tax From Wikipedia, the free encyclopedi Abstract A value added tax(VAT)is a form of consumption tax. It is a tax on the” value added” to a product or material, from an accounting view, at each stage of its manufacture or distribution. 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 from another business. The reason businesses end up paying no tax is that at the time they sell the product,they receive a credit for all the tax they have paid to suppliers. Personal endconsumers of products and services cannot recover VAT on purchases, but businesses are able to recover VAT(input tax)on the products and services that they buy in order to produce further goods or services that will be sold to yet another business in the supply chain or directly to a final consumer. In this way, the total tax levied at each stage in the economic chain of supply is a constant fraction of the value added by a business to its products, and most of the cost of collecting the tax is borne by business, rather than by the state. Value Added Taxes were introduced in part because they create stronger incentives to collect than a sales tax does. Both types of consumption tax create an incentive by end consumers to avoid or evade the tax. But the sales tax offers the buyer a mechanism to avoid or evade the taxpersuade the seller that he is not really an end consumer, and therefore the seller is not legally required to collect it. The burden of determining whether the buyer’ S motivation is to consume or resell is on the seller. but the seller has no direct economic incentive to the seller to collect it. The VAT approach gives sellers a direct financial stake in collecting the tax, and eliminates the problematic decision by the seller about whether the buyer is or is not an end consumer.Chapter I Comparison with a sales tax Value added tax(VAT)avoids the cascade effect of sales tax by taxing only the value added at each stage of production. For this reason, throughout the world, VAT has been gaining favor over traditional sales taxes. In principle, VAT applies to all provisions of goods and services. VAT is assessed and collected on the value of goods or services that have been provided every time there is a transaction (sale/purchase). The seller charges VAT to the buyer, and the seller pays this VAT to the government. If however, the purchaser is not an end user, but the goods or services purchased are costs to its business, the tax it has paid for such purchases can be deducted from the tax it charges to its customers. The government only receives the difference; in other words, it is paid tax on the gross margin of each transaction, by each participant in the sales chain. Sales tax is normally charged on end users(consumers). The VAT mechanism means that the end— user tax is the same as it would be with a sales tax. The main difference is the extra accounting required by those in the middle of the supply chain; this disadvantage of VAT is balanced by application of the same tax to each member of the production chain regardless of its position in it and the position of its customers, reducing the effort required to check and certify their status. When the VAT system has few, if any, exemptions such as with GST in New Zealand, payment of VAT is even simpler. A general economic idea is that if sales taxes exceed 1 0%, people start engaging in widespread tax evading activity(1ike buying over the Inter, pretending to be a