A Value Added Tax Is a Tax Levied on the Increase

question 24

True/False

A value added tax is a tax levied on the increase in value of a commodity or service that has been created by the taxpayer's stage of the production or distribution cycle.

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Definitions:

Legal Right

Entitlements or permissions under the law that can be enforced or recognized by legal institutions.

Bad Faith

Dishonest dealing, failing to meet obligations, or violating standards of honesty in transactions.

Breach Of An Insurance Contract

The failure by either the insurer or the insured to fulfill their contractual obligations under the terms of an insurance policy.

Punitive Damages

Financial compensation awarded to a plaintiff beyond actual damages to punish the defendant for egregious behavior.