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The term VAT tax is a rather popular, though technically unnecessary, term, which refers to the Value Added Tax. VAT tax is usually referred to as VAT tax to ensure that people put emphasis and it is one of the types of taxes that are levied on goods and services at every production stage. The word encompasses the entire elements of all the VAT: the input tax, output tax, exemptions and credit. It makes sure that the businesses do not pay tax on the value it adds and the end-consumer is the one who pays the entire sum. VAT is an important source of revenue to countries that apply the system since it helps to cut down on evasion, promote proper record keeping as well as facilitating transparent taxation.
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