Please note that the content of this book primarily consists of
articles available from Wikipedia or other free sources online.
Pages: 31. Chapters: Flat tax, Association pour la taxation des
transactions financieres et pour l'action citoyenne, Land value
tax, Value added tax, Georgism, Prosper Australia, 2006 Puerto Rico
budget crisis, Vehicle miles traveled tax, Tax shift, Etienne de
Silhouette, Imputed income, Goods and services tax in Malaysia,
Implied level of government service, Kleinwachter's Conundrum, John
Sherwin Crosby, Equity of condition, Unitax, Joseph A. Pechman,
Rational economic exchange, Hall-Rabushka flat tax. Excerpt: A
value added tax (VAT) is a form of consumption tax. From the
perspective of the buyer, it is a tax on the purchase price. From
that of the seller, it is a tax only on the "value added" to a
product, material or service, from an accounting point of view, by
this stage of its manufacture or distribution. The manufacturer
remits to the government the difference between these two amounts,
and retains the rest for themselves to offset the taxes they had
previously paid on the inputs. The "value added" to a product by a
business is the sale price charged to its customer, minus the cost
of materials and other taxable inputs. A VAT is like a sales tax in
that ultimately only the end consumer is taxed. It differs from the
sales tax in that, with the latter, the tax is collected and
remitted to the government only once, at the point of purchase by
the end consumer. With the VAT, collections, remittances to the
government, and credits for taxes already paid occur each time a
business in the supply chain purchases products. Maurice Laure,
Joint Director of the French Tax Authority, the Direction generale
des impots, was first to introduce VAT on April 10, 1954, although
German industrialist Dr. Wilhelm von Siemens proposed the concept
in 1918. Initially directed at large businesses, it was extended
over time to include all business sector...
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