Define vat what is excise vat refers for value added tax, Ask an Expert

Accounting

Define VAT? what is excise? VAT refers for value added tax, that is termed as charged on profit earned by firm, for example example: let suppose a business man sells a product of USD 100 to USD 110, i.e. the vat is on that USD 10.if the tax rate is 5% then the tax value will be USD .0.50.

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Taxation, Accounting

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