VAT. Coming soon to the US if the left wing idiots keep pushing us to be like Europe. Here's what it is. Currently in most countries it's about 25% tax.
For EU-based companies, VAT is chargeable... View MoreVAT. Coming soon to the US if the left wing idiots keep pushing us to be like Europe. Here's what it is. Currently in most countries it's about 25% tax.
For EU-based companies, VAT is chargeable on most sales and purchases of goods within the EU. In such cases, VAT is charged and due in the EU country where the goods are consumed by the final consumer. Likewise, VAT is charged on services at the time they are carried out in each EU country.
The EU has standard rules on VAT, but these rules may be applied differently in each EU country. In most cases, you have to pay VAT on all goods and services at all stages of the supply chain including the sale to the final consumer. This includes from the beginning to the end of a production process, e.g. buying components, transport, assembly, provisions, packaging, insurance and shipping to the final consumer.
Every stage of the manufacturing process is charged VAT, making the prices super high.
