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A Full Overview of VAT Codes: Every Code Explained

Maria avatar
Shared by Maria • May 10, 2024

Value-added tax (VAT) is a critical component in business transactions and consumer pricing. It is an indirect tax, an extra charge on the price of a product, levied at every stage of the supply chain where value is added. For businesses, knowing the VAT registration threshold, VAT filing deadlines, and other VAT-related specifics is essential to legal compliance.

In this article, we’ll focus on the meaning of VAT and look into VAT codes and rates. You will also learn about methods to keep VAT records and simplify tax reporting using modern software like Payrow. Let’s dive in.