If you travel to Europe you are going to have to deal with the VAT anytime that you make a purchase. Most people are not entirely clear on what this is,even most of the people who live in Europe. There is a tendency to treat it like a sales tax but in reality there are some important differences between a sales tax and the VAT.
The VAT is the value added tax in Europe, a lot of people assume that this is simply a sales tax and from the perspective of the consumer it is. However the tax is only applied on the value added at each stage of production which greatly simplifies things when it comes to determining who has to pay tax and who doesn’t. This approach also ensures that an item is only taxed once which may not be the case with a straight sales tax.
With a sales tax there is generally no tax collected until the final sale to the consumer, this is not the case with the VAT. In the case of a value added tax if a company is producing a product they will pay the tax on the materials they need to produce the product. The item would then be sold to the retailer who would pay tax but only on the amount of value that was actually added by the manufacturer. The retailer would then sell the product to the consumer and collect taxes based on the value added by the retailer.
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Do some errands
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