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Similar to any sales tax, VAT is an indirect tax which is collected rom the buyer beore being submitted to the government. However, unlike sales and use taxes, VAT is collected throughout the process at each stage o the supply chain. Also, sales taxes are only collected and remitted one time; whereas, VAT is remitted each time products are purchased throughout the process. In each stage, a company deals with two types o VAT: With more than 150 countries required to remit VAT or similar consumption taxes, VAT compliance remains a compelling issue or businesses operating internationally. VAT compliance requires special emphasis as the amount involved is ar greater than any other taxation system. As with other consumption taxes, VAT rules and regulations vary between countries and jurisdictions making it difcult or some companies to keep up with changes and updates. Companies that use a manual process typically spend a signifcant amount o time tracking and updating these rules in their customized VAT management systems. What is VAT? How Does VAT Work? • Output Vat is the amount o VAT due on a sale • Input VAT is the amount a company can reclaim on purchases VAT is levied at every stage o the supply chain, on both goods and services. Eectively, VAT is only paid to the government or the value that is added in each step o the supply chain. I a business supplies goods or services to any country subject to domestic VAT, that business will need to submit a VAT return in that country. The ollowing diagram displays the basic VAT collection process. The initial supplier pays any taxes directly to the government. Next in the supply chain is the manuacturer. At an assumed rate o 20%, the manuacturer makes a purchase or €100. They then sell to the distributor or €150. The manuacturer collects €30 (their input VAT) rom the sale but has paid €20 (their output vat) on the purchase so the dierence in what is collected vs. paid is what gets remitted to the government. This continues through the supply chain until the product is sold to the end consumer. www.vatware.com 1 In addition to time consumed keeping up with dierent countries' VAT rules, there are also a signifcant amount o resources used to compile the data and transorm it into the appropriate documents or submission. Manual VAT systems also exhaust a large amount o company unds; both in employee salaries and in penalties and fnes or improper fling or errors. Taking Control o Your Value-Added Tax Compliance
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