Many socialist nations in Europe are forced to use the "value-added" tax concept to raise money that is desperately needed to su

Question

3 years ago

15

Many socialist nations in Europe are forced to use the "value-added" tax concept to raise money that is desperately needed to su

pport their never-ending huge cost increases to provide free healthcare, free education, generous welfare programs, and high government pension payouts that often allow people to retire with nice incomes-for-life as early as age 50. What are value-added taxes and who pays these taxes in Europe?

Business

1 answer:

enot [183] · Answer 1 · 2022-01-29T12:07:42+03:00

Answer:

paid by consumers

Explanation:

Value added tax is a small sum of money that is added on top of the price of a service. For example, I go to a grocery to buy Washing powder which costs me lets say 10 bucks. I will have to pay VAT on the 10 bucks. the vat is a small percent added on the price so here, assuming the VAT is 10%, I will have to pay 10% of 10 bucks PLUS the original 10 bucks so in total it will be 11 bucks.

Hopefully you understand ahaha