VAT stands for Value Added Tax, which is a type of indirect tax that is levied on the value added to goods and services at each stage of production and distribution. VAT is added to the price of the final product or service and is paid by the end consumer.
VAT rates vary from country to country and can range from a few percent to over 25%. Some goods and services, such as food and medical supplies, may be exempt from VAT, while others may be subject to reduced rates. The VAT system can be complex and businesses must comply with a range of rules and regulations to ensure that they collect and report VAT accurately.
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