|
|
| *Ostroff, Fair and Company>>>Other Taxes |
What is VAT AND IT BENNEFIT TO THE SOCIETY? |
What is VAT AND IT BENNEFIT TO THE SOCIETY? Morenike,value added tax is a special levy impossed by the government on goods and services purchased within a country by the citizen,usually expressed as a persentage of the principal. The procceed is used to fund many governmental projects like education,construction of good road,health,environmental concern,effective public mass transportation, millitary( who defend the territorial integrity of your country) e.t.c. Note, VAT is an integra part of a nation revenue. Can you now see the benefit of VAT to you and the society especially if you live Nigeria?.Stay informed. Value Added Tax. It's tax and it does what all other taxes do and pays for social costs. Value Added Tax is a tax on goods and services - same as Sales Tax in the USA. It's a tax on spending, which is weird because we're taxed for saving too! All tax revenues go on government expenditure, but to be perfectly honest I don't quite understand the purpose of VAT. In the UK certain products (e.g. children's clothes) are exempt of VAT. Good question this one. VAT in my opinion is just another way of getting money out of our pockets and into government hands so they can spend it on stuff that does not benefit the general public. It serves no purpose at all. It is just another way to take money from private citizens to finance the Administration's vacations. The benefits are that they can't be making dumb decisions about our future while they are away soaking up the sun. |
| Tags |
| Other - Business & Finance Other Taxes United States Taxes United Kingdom Taxes Spain Taxes Singapore Taxes Mexico Taxes |
Finance Categories--Copyright/IP Policy--Contact Webmaster |