VAT confusions? Our“VAT”man Fazlu explains.
VAT is charged at each step of the supply chain. In general, it is the consumers that ultimately bear the VAT costs, while businesses collect and account for the tax. In effect, businesses will be collecting the tax on behalf of the government.
But what is VAT? How does it affect us? Our Vat Man FAZLU attempts to answer some of the most commonly asked questions.