Multiple choice

VAT is imposed

  1. at all stages between production and final sale

  2. at the first stage of production

  3. at the final stage of production

  4. directly on the consumer

Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

VAT is a multi-stage tax levied at each step of production and distribution, unlike sales tax which is charged only at final point of sale. Businesses can claim credit for VAT paid on inputs, avoiding tax cascading.