Value Added Tax (VAT)
VAT is a consumption tax imposed at each stage of the supply chain where value is added. Businesses collect VAT on sales and pay VAT on purchases, remitting the difference to tax authorities. It’s widely used internationally and requires careful tracking of input and output tax.
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Valuation Allowance
A valuation allowance is a reserve account used to reduce the value of a deferred tax asset when it's unlikely…
Valuation
Valuation is the process of determining the fair market value of an asset, company, or liability. It’s essential for financial…
Variable cost
Variable costs change directly with the level of production or sales. Common examples include raw materials, direct labour, and packaging.…
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