Difference between revisions of "VAT"
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m (there was a mistake in the calculation of the VAT. it's not added anymore to the price, but it is cut out from the price you make. so it's a loss now.) |
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| − | Value Added Tax, or VAT, is a tax set forth by the [[Country administration]] that increases the selling price of items at the [[marketplace]]. Tax revenue is added to the country's account. | + | Value Added Tax, or VAT, is a tax set forth by the [[Country administration]] that increases the selling price of items at the [[marketplace]].<br />The minimum VAT percentage on market prices is '''1%''', the maximum one is '''25%'''. Tax revenue is added to the country's account. |
Example: If a citizen decides to sell one unit of [[Food]] for $1.00, and the countries VAT for food is 5%, then he will earn just $0,95 for that unit of [[Food]] (1.00-0,05). | Example: If a citizen decides to sell one unit of [[Food]] for $1.00, and the countries VAT for food is 5%, then he will earn just $0,95 for that unit of [[Food]] (1.00-0,05). | ||
Revision as of 12:43, 3 June 2013
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Value Added Tax, or VAT, is a tax set forth by the Country administration that increases the selling price of items at the marketplace.
The minimum VAT percentage on market prices is 1%, the maximum one is 25%. Tax revenue is added to the country's account.
Example: If a citizen decides to sell one unit of Food for $1.00, and the countries VAT for food is 5%, then he will earn just $0,95 for that unit of Food (1.00-0,05).
So be careful when you place an offer on the market. A good idea to avoid losing money is to calculate your real income once VAT is applied, before to place the offer.
Tax rates can be viewed by clicking on the Economy under the Info tab.
VAT is not added to the price of raw materials.
