Question

    VAT is levied on the price of a product or service at

    each stage of production, distribution, or sale to the end consumer. In the acronym 'VAT', A stands for _______.
    A Assessed Correct Answer Incorrect Answer
    B Added Correct Answer Incorrect Answer
    C Applied Correct Answer Incorrect Answer
    D Automated Correct Answer Incorrect Answer

    Solution

    VAT stands for Value Added Tax, which is a type of tax that is assessed incrementally on the price of a product or service at each stage of production, distribution, or sale to the end consumer.

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