Multiple choice

The system of value added taxation is applicable to?

  1. Tax on agricultural income

  2. Income tax

  3. Excise duties

  4. None of these
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Value Added Tax (VAT) is a consumption tax placed on a product whenever value is added at each stage of the supply chain, from production to the point of sale. Excise duties are often structured as value-added taxes in modern systems.

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