VAT is a tax on consumption. It affects all of us when buying goods and services. Whether we’re buying groceries or browsing the internet for impulse buys. The standard VAT rate is governed by each country locally and could be as low as 5% (e.g. UAE or Oman) or as high as 27% (e.g. Hungary) or even 50% (e.g. Bhutan). For the countries who have introduced a VAT system, VAT is commonly contributing the most (compared with other taxes) to the government revenues.
Source: tecklenborgh.com
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