A value-added tax (VAT), goods and services tax (GST), or general consumption tax (GCT) is a consumption tax that is levied on the value added at each stage of a product's production and distribution. VAT is similar to, and is often compared with, a sales tax. Value-added tax (VAT) is a consumption tax levied on goods and services at every stage of the supply chain where value is added, from production to the point of sale.

Understanding the Context

Unlike a sales tax, which is... Each business in the supply chain charges VAT on what it sells, pays VAT on what it buys, and remits the difference to the government. A VAT number is the unique identifier that ties a business to this system, appearing on every invoice and enabling the chain of credits that makes VAT function. What is value-added tax (VAT)?

Tax and VAT – B.R.G. Accountants

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Tax and VAT – B.R.G. Accountants
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Key Insights

A value-added tax (VAT) is a tax on products or services when sellers add value to them. In some countries, VAT is also called a goods and services tax. What is a value-added tax (VAT)? A value-added tax (VAT) is very similar to a traditional sales tax, in that the consumer pays it at the point of purchase. It's typically a percentage of the...

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Final Thoughts

VAT: What is value-added tax and how do I get it refunded? - CNBC A VAT number (Value Added Tax number) is a unique identifier assigned to businesses and legal entities that are registered for value-added tax. It is used primarily in invoicing, cross-border transactions, and tax reporting. VAT is a comprehensive, indirect consumption tax imposed by more than 170 countries on sales or exchanges and imports. In some countries it’s referred to as the “goods and services tax” (GST) and the two terms are broadly interchangeable.