How VAT Affects Businesses

VAT (value added tax) can be defined as tax on consumable goods and services. Its percentage varies from one state to the other but has a 5% rate on GCC countries with this being the lowest worldwide. VAT is necessary...

The Collection Process And Challenges Of The VAT

VAT is the widely known term in our everyday life. The abbreviated form of the VAT is Value Added Tax, which is basically the consumption tax related. This tax applies to a product at the certain stage of production and...

Why VAT Is Necessary?

The value-added tax, or VAT for short, is an indirect consumption tax. It might sound simple, but things can be a bit more complicated. There are different reasons why such a tax system exists around the world. This article...