Why Was Vat Introduced?

Answer

VAT stands for Value Added Tax. It was introduced to replace the popular ‘Purchase Tax’ in the UK because a very large slice of Purchase Tax was lost in bureaucratic costs and tax evasion. VAT therefore removed most of the evasion loopholes and was relatively cheap to administer.
Q&A Related to "Why Was Vat Introduced"
1972. April 1st 1973 to be precise.
http://wiki.answers.com/Q/When_was_VAT_introduced_...
A value added tax was introduced into the Indian taxation system from 1 April 2005. Haryana became the first State in the country that had adopted the taxation on 1 April 2003. Few
http://answers.yahoo.com/question/index?qid=201303...
VAT was introduced in the UK in 1973 as a requirement for entering the Common Market. It was a Tory Chancellor, called Anthony Barber
http://www.kgbanswers.co.uk/which-minister-introdu...
Before VAT was introduced, We had a sales tax system that was different in each state. The tax was levied on the sales value at each stage and not on 'value addition' . This increased
http://www.quora.com/Taxes/What-was-the-taxation-s...
Explore this Topic
Value added Tax (VAT) was introduced in the year 1954. The standard VAT rate in Denmark is 25%, in Finland is 22%. In countries like Iceland, Norway and Sweden ...
VAT was introduced into the UK on the 1st April 1973 where it was at the rate of 10%. It was supposed to be a simple tax according to the then Chancellor of the ...
1972. April 1st 1973 to be precise. ...
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