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Glossary VAT (Value Added Tax)

Value Added Tax(VAT) is a tax imposed on the value added during the production or provision of goods and services. Simply put, it is a tax on the value added by manufacturers or sellers when they sell their products. VAT is typically included in the price of goods and services that consumers purchase. Manufacturers or sellers levy VAT on their products and later collect the tax by including it in the product price when consumers purchase them.
Source : ChatGPT