Value Added Tax (VAT) Regulations

Value Added Tax (VAT) is a consumption tax applied to the sale of goods and services. It's included in the price you pay as a consumer, but businesses collect it and pay it to the government. VAT is charged at each stage of production and distribution, based on the value added at that stage. For example, if a manufacturer produces a product, they charge VAT to the retailer, and then the retailer charges VAT to the final consumer. The purpose of VAT is to generate government revenue while maintaining fair taxation throughout the supply chain.