Which of the following statements about the Value-Added Tax (VAT) in NOT true? ...
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Accounting
Which of the following statements about the Value-Added Tax (VAT) in NOT true?
- The VAT is a tax on the changes in value that occur at each stage of production or distribution.
- A VAT of 5% will yield more revenue than a 5% general sales tax because the VAT is collected several times.
- The VAT is a regressive tax because it places a greater burden on persons with lower incomes.
- VAT taxes are currently not in use in the U.S.
- None of the above. All are true.
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