VAT: Facts VS Myths_

Business owners hear “VAT” and automatically connote it as “additional cost.” Since it is required to be paid by the government, they just comply without actually understanding its concept. After all, nobody wants to incur penalties. But what is VAT really and why do we need to pay it?

VAT or Value-Added Tax is an indirect tax placed upon the sale of goods and services. It is levied as an exchange to the “privilege” granted to us by the government for the consumption of such goods and services. More simply put: it is the cost to our enjoyment of things. Read More