It has always been there and it is called VAT. It is another of those new speech words. It is not a tax on the Value Added (that would be revenue and they already tax that), it is a tax on the price. So if you sell something, you sell it with an added VAT. Then if that who you sold it to sells it again, he has to pay VAT. It is like fractional banking but with your taxes.
It has always been there and it is called VAT. It is another of those new speech words. It is not a tax on the Value Added (that would be revenue and they already tax that), it is a tax on the price. So if you sell something, you sell it with an added VAT. Then if that who you sold it to sells it again, he has to pay VAT. It is like fractional banking but with your taxes.
The reseller substracts your VAT from his VAT, this is why it's called VAT.