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Finding Sales Tax / VAT

The tax added...

Question

The tax added to the value of the product is called ________ Tax.

A

Sales Tax

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B

VAT

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C

Excise Tax

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D

Service Tax

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Solution

The correct option is B VAT
A value added tax (VAT) is a consumptiontax added to a product's sales price. It represents a tax on the "value added" to the product throughout its production process.

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