submitted by herb1969 1977 days ago (via vatvalidation.com)
The vat act was introduced to lay down the provisions of following a system of vat in the UK. Several other countries too have recently switched over to vat as a way of collecting taxes on services and goods. In the United Kingdom, however, traders have to pay taxes on services and goods as per vat act 1994 while also paying heed to regular alterations in the act.
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