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Conversely, not all cuts in VAT are passed on in lower prices. VAT consequently leads to a deadweight loss if cutting prices pushes a business below the margin of profitability. The effect can be seen when VAT is cut or abolished. Sweden reduced VAT on restaurant meals from 25% to 12.5%, creating 11,000 additional jobs. [20]
VAT is an indirect tax because the tax is paid to the government by the seller (the business) rather than the person who ultimately bears the economic burden of the tax (the consumer). [4] Opponents of VAT claim it is a regressive tax because the poorest people spend a higher proportion of their disposable income on VAT than the richest people. [5]
These Member States have been granted a derogation to continue existing zero-rating but cannot add new goods or services. The UK also exempts or lowers the rate on some products depending on situation; for example milk products are exempt from VAT, but if you go into a restaurant and drink a milk drink it is VAT-able.
This additional tax rate may be 1% or 2% or other amounts depending on the county in which the business is located. For example, in Marion County, the sales tax for restaurants is 9%. There is an additional 2% tax on restaurant sales in Marion County to pay for Lucas Oil Stadium and expansion of the Indiana Convention Center.
Whenever I dine out, I always strive to keep the bill under $20 per person, tip included. Of course, it all depends on the quality, décor and type of restaurant, but for most middle-of-the ...
Map of the world showing national-level sales tax / VAT rates as of October 2019. A comparison of tax rates by countries is difficult and somewhat subjective, as tax laws in most countries are extremely complex and the tax burden falls differently on different groups in each country and sub-national unit.
Redditor Says They Didn’t Want to Split Restaurant Bill Equally Because Sisters Have Kids, Sparking Debate. Brian Brant. August 15, 2024 at 6:23 PM.
Fans of "Friends" might recall the episode in which the six main characters ate out at a spendy restaurant to celebrate Monica's birthday. Chandler and Ross had good-paying jobs while Joey, Rachel ...