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VAT is a consumption tax placed on a product whenever value is added at each stage of the supply chain, from production to the point of sale.

Different countries have different VAT rates and they can vary depending on the type of goods or services supplied.

The VAT that businesses pay on goods/services which can be usually reclaimed from the tax authorities.

The VAT that businesses collect from customers when they sell goods or services.

A document issued by a seller to a buyer that contains details of a sale transaction and the VAT charged.

A set revenue amount that, once exceeded, requires a business to register for VAT.

Goods or services that are taxed at a 0% rate, allowing businesses to claim a refund on the VAT they pay on purchases related to these sales.

Transactions which are exempt from VAT, with no tax charged on the sale and no ability to reclaim VAT on related purchases.

Recording VAT transactions at the time the invoice is raised rather than when payment is received or made.

Recording VAT transactions at the time payment is received for sales or made for purchases.

A periodic statement given to the tax authorities detailing the VAT collected and paid by a business, used to calculate net VAT liability.

The default rate of VAT that applies to most goods and services not categorized as zero-rated, reduced rate, or exempt.

A lower VAT rate applied to certain goods and services, as legislated by the applicable tax authority.

An individual or entity that is required to be registered for VAT because they supply goods or services.

Similar to VAT Registration Threshold, but it may also refer to the point at which different rates or rules apply to certain transactions.

Illegal practices to evade paying VAT or to claim refunds or credits for VAT that was not actually incurred.

A process where the buyer, instead of the seller, is responsible for reporting the VAT to the tax authorities.

VAT that is charged on goods that are imported into a country, typically paid at the point of entry.

Following all the VAT rules, regulations, and filing requirements set by tax authorities to correctly calculate and pay taxes.

VAT charged on digital services provided by businesses to consumers, often in other countries, which can have unique rules for registration and collection.

The process of canceling a VAT registration, typically because the business no longer exceeds the threshold or ceases trading.

A VAT accounting method for second-hand goods where VAT is applied to the difference between the buying price and the selling price instead of the full sale price.

Pricing where the VAT is already included in the advertised price of goods and services.

Pricing where the VAT is not included in the advertised price, and will be added at the point of sale.