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Question

VAT (Value Added Tax) is imposed at -

A Customer or buyer of the finished product Correct Answer Incorrect Answer
B Last stage of production Correct Answer Incorrect Answer
C First stage of production Correct Answer Incorrect Answer
D All stages between production and sales Correct Answer Incorrect Answer
E All of the above Correct Answer Incorrect Answer

Solution

A value-added tax (VAT), known in some countries as a goods and services tax (GST), is a type of general consumption tax that is collected incrementally, based on the surplus value, added to the price on the work at each stage of production

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