2
Question
What does the letter 'V' denote in the term 'VAT' as used in banking?
What does the letter 'V' denote in the term 'VAT' as used in banking?
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Solution
The correct option is B Value
Value Added Tax (VAT) is a form of consumption tax. From the perspective of the buyer, it is a tax on the purchase price. From that of the seller, it is a tax only on the value added to a product, material or service, from an accounting point of view, by this stage of this manufacture or distribution.
Value Added Tax (VAT) is a form of consumption tax. From the perspective of the buyer, it is a tax on the purchase price. From that of the seller, it is a tax only on the value added to a product, material or service, from an accounting point of view, by this stage of this manufacture or distribution.
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