Value-added tax (VAT) is a consumption tax levied on the value added to goods and services at each stage of the supply chain, from production to the final sale. It is an indirect tax, meaning that it is ultimately borne by the consumer.
VAT registration is required for businesses that meet certain criteria, such as exceeding a certain turnover threshold. Registering for VAT can be a complex and time-consuming process, so it is important to understand the requirements and procedures involved.