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vat wasn't created by anyone paticular is was created by the government because it stopped people smuggling
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VAT was first devised by a German economist during the 18th century. He visualised a sales tax on goods that did not effect the cost of manufacture or distribution but was collected on the final price charged to the consumer. Therefore it did not matter how many transactions the goods went through, the tax was always a fixed percentage of the final price.
This type of tax was finally adopted by France in 1954. Then on the formation of the Common Market in Europe (know the European Union) it was decided that one requirement of joining was the imposition of a form of Value added tax. In 1973 the UK joined the European Union and replaced the existing Sales Tax with VAT.
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Who invented the bubble?
The Incas invented the bubble. back then soil was dumped into a vat and the air forced a bubble threw threw air.
How many types of vat?
The types of VAT........ 1 ) INPUT VAT @ 4 % 2 ) INPUT VAT @ 1 % 3 ) INPUT VAT @ 12.5 % 4 ) OUTPUT VAT @ 1 % 5 ) OUTPUT VAT @ 4 % 6 ) OUTPUT VAT @ 12.5 %
Gross of vat and net of vat?
There is no such term as gross of VAT. The amount with VAT is called the gross amount while the net of VAT is the amount after the VAT has been deducted.
What is VAT output and VAT input?
VAT that is charged by a business and paid by its customers is known as "output VAT" (that is, VAT on its output supplies). VAT that is paid by a business to other businesses on the supplies that it receives is known as "input VAT
Is net of vat is the same with vat inclusive?
vat exclusive
Do you pay vat if the customer is vat exempt?
no. because when customer is notpaing vat only he have vat exwmption only/
Calculate 15 percent vat in 545?
If the 545 is inclusive of VAT then the VAT element is 71.08, however if the 545 is exclusive of VAT then the VAT would be 81.75
Can a vat vendor claim input vat on goods purchased from a non vat vendor?
Assuming that we are a registered VAT vendor, when we make a purchase from a non-VAT vendor we cannot claim any VAT input from the purchase due to the fact that no VAT was charged on the supply by the supplier who is a non-VAT vendor.
What is the difference between vat exclusive and vat inclusive?
The difference between vat exclusive and vat inclusive is that vat exclusive is the price before tax is added on. Vat inclusive is the price after tax has been added on.
Difference of e-vat and vat?
The difference between e-vat and vat is the time in which they take effect. The vat takes effect when a sale is made, and the e-vat takes effect when the sale is finalized. To know more about the VAT or VAT consultancy services please visit Proactive Consultancy Group - TPCGUK or you can call us at +44 207 193 7072
What was the purpose of vat?
What is the purpose of vat
Why is the noodle vat is higher than the sauce vat?
The temperature of the noodle vat needs to be higher than the sauce vat. The noodle vat needs to boil so that the noodles will cook. The sauce vat does not have to be boiled to be fully cooked.
