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.) |
(No difference)
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Revision as of 02:42, 25 July 2011
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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.
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.