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    Question

    What does 'VAT' stand for in taxation?

    A Variable Account Tax Correct Answer Incorrect Answer
    B Venture Added Tax Correct Answer Incorrect Answer
    C Value Added Tax Correct Answer Incorrect Answer
    D Value Administrative Tax Correct Answer Incorrect Answer

    Solution

    VAT, or Value Added Tax, is a tax on the sale of goods and services, ultimately paid by consumers, though it is collected by producers.

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