WHAT IS vat?
It is Value Added Tax. For instance if Government put 10% vat on something and if that thing costs $100 you have to pay $110. That extra $10 is VAT.
the meaning of VAT is VALUED ADDED TAX
VAT is a premium that you pay on certain items that need to be rationed or that are selling at an accelerated pace. Money, in general, can be considered a rationing device because we all can't have the things that we really really want because we may not be able to afford them all. VAT is taking that to the next step. Refer to luxury taxes, for example. Hope that helps. Good luck!
vallue added tax, meaning you pay more for things you buy in term of giving "tax" to the goverment
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