A value-added tax (VAT) is a consumption tax placed on a product (or service) whenever value is added at each stage of the supply chain, from production to the point of sale. The amount of VAT that the user pays is on the cost of the product, less any of the costs of materials used in the product that have already been taxed.
More than 160 countries around the world use value-added taxation, and it is most commonly found in the European Union.
VAT Rates are categorized in different levels:
- No VAT
- Reduced rate 1
- Reduced rate 2
- Reduced rate 3
- Standard rate
- Increased rate
- Parking rate
System One has registered different VAT rates per country. You can consult these rates on the page of the country.
Every European Union Member State has its own rates. These rates can change over time, as countries decide to change their policies. Read more about about this in this document of the European Union.
I don't see the VAT rate that I need
Contact email@example.com about this. Tell them about the country where your bookkeeping is registered in and the VAT rate you need.