Question: Explain what Value-Added Tax (VAT) means. (2) Explain when (in what circumstances) and why a VAT is likely to be used. (3) Give one example

Explain what "Value-Added Tax" (VAT) means. (2) Explain when (in what circumstances) and why a VAT is likely to be used. (3) Give one example of a VAT, and explain the process through which the VAT is imposed.

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