What does vat mean in dutch

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What Does VAT Mean in Dutch?

VAT, or Value-Added Tax, is a tax imposed on goods and services in many countries around the world, including the Netherlands. In Dutch, it is known as ‘omzetbelasting’. VAT is a type of indirect tax, meaning that it is not paid directly by the consumer. Instead, it is paid by businesses when they purchase goods and services, and is then passed on to the customer in the form of higher prices. The amount of VAT that businesses must pay depends on the type of goods and services they are buying. Generally speaking, the rate is 21%, although some goods and services are taxed at a lower rate of 6%. VAT is a key source of income for the Dutch government. It is estimated that in 2020, the Dutch government will collect around €65 billion in VAT. VAT is also an important tool for businesses in the Netherlands. It allows them to reduce their taxable income by deducting the amount of VAT they have paid for the goods and services they have purchased. This helps to reduce their overall tax bill and keeps their prices competitive. VAT is an important part of the Dutch economy and is essential for the functioning of the country’s tax system. It is an integral part of the government’s revenue collection and helps to ensure that businesses remain competitive and that the Dutch economy remains healthy.

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