What is a VAT rate?
In principle, VAT applies to all provisions of goods and services. VAT is assessed and collected on the value of goods or services that have been provided every time there is a transaction (sale/purchase). The seller charges VAT to the buyer, and the seller pays this VAT to the government.
A value added tax identification number or VAT identification number (VATIN) is an identifier used in many countries, including the countries of the European Union, for value added tax purposes. In the EU, a VAT identification number can be verified online at the EU's official VIES website.
- Checking UK and EU VAT numbers. To check that a UK VAT number is valid you should first check that it is 9 digits long. UK and EU VAT registration numbers can be verified using the Europa website VIES http://ec.europa.eu/taxation_customs/vies/ or by contacting the VAT Helpline on 0845 010 9000.
- A value added tax (VAT) is a consumption tax added to a product's sales price. It represents a tax on the "value added" to the product throughout its production process.
- Value Added Tax (VAT) Registration is a tax registration required for businesses trading or manufacturing goods in India. When registered for VAT, the manufacturer or trader is allotted a unique 11 digit number which will serve as the VAT Number / TIN Number / CST Number for the business.
No state imposes sales tax on all types of goods. State laws vary widely as to what goods are subject to tax. Food for preparation and consumption in the home is often not taxable, nor are prescription medications. By contrast, restaurant meals are often taxed.
- Local governments also tax general sales, providing around 11 percent of their tax revenue. Excise taxes are collected by federal, state, and local governments. In FY 2006, states collected more in excise taxes than federal and local governments combined—$106 million.
- Combined Rates. The five states with the highest average combined state and local sales tax rates are Louisiana (9.98 percent), Tennessee (9.46 percent), Arkansas (9.30 percent), Alabama (9.01 percent), and Washington (8.92 percent).
- That means there are just five states with no state sales tax: Alaska, Delaware, Montana, New Hampshire and Oregon.
Four states — Delaware New Hampshire, Montana, Oregon — don't have sales tax. Other than those states, Alaska has the lowest rate (1.69 percent), followed by Hawaii (4.35 percent), Wisconsin (5.43 percent), Wyoming (5.49 percent), and Maine (5.50 percent).
- Let's take a look at the 10 states with the lowest state and local taxes, according to WalletHub:
- South Dakota.
- Nevada. Average annual state and local taxes: $3,370.
- Alaska. Average annual state and local taxes: $2,791.
- Wyoming. Average annual state and local taxes: $2,365.
- The highest state gas tax is assessed in Pennsylvania, at 58.2 cents per gallon, with Washington State (49.4 cpg) and Hawaii (44.39 cpg) following closely behind. Alaska drivers pay the lowest rate in the country at 12.25 cents per gallon. These figures do not include the 18.4 cpg federal gas tax.
- Some of the highest combined state and local sales taxes: Chicago, Illinois and Long Beach, California: 10.25 percent. Birmingham and Montgomery, Alabama and Baton Rouge and New Orleans, Louisiana: 10 percent. Seattle and Tacoma, Washington: 9.6 percent.
Updated: 11th December 2019