What is VAT? | Back to Basics

VAT is evil

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Fantastic presentation about VAT!

Cringe video

00:28 popcorn 02:54 one of the biggest source in the world

Sounds like a pyramid scheme

All sounds like theft to me.

I would like to see a more 'adult' version of this from the IMF. And I don't mean sex! It just seems like a childish way to explain this. I'm a business owner and look for information. I just find the format a bit weird. That doesn't mean this would not work for other people. This is just my feeling.

I like listening to people who have a really positive outlook toward complicated tax schemes because the brighter they try to paint it, the more it comes out looking like a bad mafia extortion racket. "Hey, I'm gonna steal a hundred bucks from you, but to cheer you up, here's a ten-spot! Go treat yourself!"
I did like the video, though. Thank you!

This is close to what Trump did with his Tarrifs. 10% across the board.

Ok but WHY do we have VAT? What is it FOR? What's its purpose???

Sales taxes in general are regressive: they always affect the poor more as they are not proportionally tied to income. We are already taxed on our income anyway. For VAT to even be close to "fair" there should be a reduced VAT on essential consumer goods and an increased VAT on luxury goods. A second, and worse option, is a variable tax credit given to low-income families (depending on family size, household income, and locality) to cover the baseline cost of living expenses (food, rent, transportation, etc).

Vat

It prevents tax evasion and helps fund social services. Now you know why Trump hates it.

I am kinda starting to understand what the VAT is. I've already watched a number of videos about it. The thing is, I'm American, and we don't have a VAT tax in The United States. I think that a good educational video would be to compare how an American business pays taxes compared with a business in a VAT country. Without that context, it's not that easy to understand, since I'm not a bookkeeper or a tax accountant in the USA.

That was like too much effort for explaining VAT. But thanks anyway!

No progressive income tax. Replace that with a flat tax across the board, and a 3-5% tax on INCOME over 5 million. Keep VATs too

Popcorn does cost $20 😂

The name chosen for this tax is highly (and purposely) misguiding. If the tax applied would follow the name, it should only affect the percentage of the price increased, but that NEVER happens, it is calculated on the whole price. It should be called what it is: sales tax. As all taxes, theft in disguise.

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so who pays the VAT, buyer or seller ? still confused

Thank you for the video! 🤗

This video explains VAT brilliantly. Thank you for making.

Vat tax? You made a video about market value and profit. This is not vat tax dawg 😂. You basically sell it based on its value you have bought it for and selling it for its prophet. And giving its dividends to each company that was involved. That's not vat lmao. Tax in general comes from government not from or by the people.

AMAZING

The USA would probably still use the same high income tax as it does now along with the VAT. So people would pay even more. Of course more could be used for "Social" programs. Socialism at it's best? Ya right . . .

Basically another BULLSHIT tax!!!!!!!!!!!!!!!!!!!!!!!!!!!! We need to fight and revolt against it.

So, my concernings is. I am a fisherman. I sell my fish to the fish company. The fish company pays me the fish + 10% VAT. But what do I do with VAT? May I spend the VAT money to keep my business running and as a salary or do I save VAT till the tax authorities demand the VAT? Pardon my English

Pro tip: give tax breaks to the consumer so everyday people don't pay the bill.
In the US particularly corporations are avoiding taxes like the plague

We can do whatever we want. Their sin vat is full.

So it's just theft disguised as a good thing like every other tax.

So it’s a sales tax with extra steps.

Thank you. Even my wife now understands…

I need to know about Silva credit banking

BA?

So is vat artificial inflating prices?

There is no climate change stop falling for it...carbon dioxide consitutes 0.04% of the atmosphere it's a trace gas.

Still don’t get it. So basically everyone just screws everybody ? Is that it?

I find it weird that we pay taxes twice. Once when we get paid and then again when we buy stuff.

It's an UNJUST TAX it is ripping us of our wealth

VAT, as with all forms of taxation, is theft.

Great finely I’ve got it

you had way too much fun making this