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Category: People-->Economy & Finance


In public finance, what does VAT stand for?

Value Added Tax In public finance, what does VAT stand for?
The answer is: Value Added Tax

Maurice Lauré, joint director of the French tax authority, the Direction générale des impôts, was first to introduce VAT on April 10, 1954. Initially directed at large businesses, it was extended over time to include all business sectors. In France, it is the most important source of state finance, accounting for approximately 45% of state revenues.
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