what does the abbreviation vat stand for
What does the abbreviation VAT stand for?
Answer:
VAT stands for Value Added Tax. Value Added Tax is a type of consumption tax that is levied on products at every point of sale where value is added to the product. This tax is ultimately borne by the end consumer as it is included in the final price of the product or service. VAT is widely used around the world and is a significant source of revenue for many countries, providing funds for public services and government operations.