Tax Credit - Value Added Tax

Value Added Tax

Resellers or producers of goods or providers of services (collectively, providers) must collect value added tax (VAT) in some jurisdictions upon billing or being paid by customers. Where these providers use goods or services provided by others, they may have paid VAT to other providers. Most VAT systems allow the amount of such VAT paid or considered paid to be used to offset VAT payments due, generally referred to as an input credit. Some systems allow the excess of input credits over VAT obligations to be refunded after a period of time.

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Other articles related to "value added tax, tax":

Value Added Tax - Criticisms
... The "value added tax" has been criticized as the burden of it falls on personal end-consumers of products ... Some critics consider it to be a regressive tax, meaning that the poor pay more, as a percentage of their income, than the rich ... that relating taxation levels to income is an arbitrary standard, and that the value added tax is in fact a proportional tax in that people with higher income pay more in that they consume more ...
Taxation In Switzerland - Other Federal Taxes - Value Added Tax
... The value added tax (VAT Mehrwertsteuer / Taxe sur la valeur ajoutée / Tassa sul valore aggiunto) is one of the Confederation's principal sources of funding ... Yet other exchanges, including those of medical, educational and cultural services, are tax-exempt as are goods delivered and services provided abroad ... is liable for the payment of the VAT, but the tax is usually passed on to the customer as part of the price ...
Taxation In Iceland - Value Added Tax
... The standard rate of value added tax is 25.5%, with a reduced rate of 7% for certain products ...

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