value added taxes
3 posts • Page 1 of 1
value added taxes
Can someone explain to me what value added tax is? so i was issued a receipt, i payed a total of 225.5 pesos, the cashier issued me a receipt, she computed for the VAT which came out to 24.16 pesos. what is that 24.16 pesos? does that amount go the government?
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Last edited by analankie on Fri Oct 21, 2011 11:41 am, edited 1 time in total.
- analankie
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Re: value added taxes
pretty much yes. Value added tax in the UK is 20% of some goods.
Take a commercial vehicle for example. Van advertised for £10,000 + VAT would mean that the cost to the buyer is £12,000. Alot of things have VAT included in the price, another example when you do your grocery shopping and it totals to £100, the VAT is not seperated at the checkout, the price shown will already include the VAT
Hope this helps
Take a commercial vehicle for example. Van advertised for £10,000 + VAT would mean that the cost to the buyer is £12,000. Alot of things have VAT included in the price, another example when you do your grocery shopping and it totals to £100, the VAT is not seperated at the checkout, the price shown will already include the VAT
Hope this helps
- RSGeorge
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Re: value added taxes
To confuse things in the UK, not everything has VAT applied and VAT isn't 20% on everything ! For example, an individual will pay 5% VAT on energy and domestic fuel (gas, electricity etc) but a company would pay 20% - however the company has a mechanism for claiming VAT back, so the company can end up slightly better off.
Essentially though, all that tax ends up with the government.
Essentially though, all that tax ends up with the government.
Nothing to see here...
- andymac
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