What is VAT (Value Added Tax)?

Consumption tax levied at each stage of the supply chain, with businesses claiming back tax paid on inputs. UK VAT standard rate: 20%. UAE VAT: 5%. South Africa

Consumption tax levied at each stage of the supply chain, with businesses claiming back tax paid on inputs. UK VAT standard rate: 20%. UAE VAT: 5%. South Africa VAT: 15%. Replaced by GST in India. Like GST, end consumers bear the full burden while businesses in the supply chain are pass-throughs.