Value Added Tax [article by Deloitte]

Value Added Tax is a tax on the “value added” by a taxpayer during the production and distribution of goods, works or services. Unlike a sales tax, which is collected at one time at the point of sale, VAT is collected in portions by each of the taxpayers involved in the process, although in both cases the final consumer bears the cost of the tax. The Russian VAT system is broadly similar to that found in Europe and elsewhere.

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