Definition
Import value-added tax (VAT) is a tax levied on imported goods at the point of entry into a country. It is calculated based on the value of the imported goods, including shipping and insurance costs, and is collected by customs authorities. Import VAT aims to ensure that imported goods are subject to the same tax treatment as domestically produced goods, promoting fair competition and revenue generation for the government.
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Private Limited Company (Ltd)
A Private Limited Company (Ltd) is a type of company where the ownership is divided into shares held by a small number of shareholders. The liability of shareholders is limited to the amount unpaid on their shares, and the company’s shares cannot be traded publicly on the stock exchange.
Limited Liability Partnership (LLP)
A Limited Liability Partnership (LLP) is a business structure where partners have limited personal liability for the debts and obligations of the partnership. Each partner’s liability is limited to their investment in the LLP, and they are protected from the actions of other partners.