VAT in most countries operates on:
ASingle-stage tax
BInput-output (multi-stage non-cumulative) basisCORRECT
CAnnual basis only
DCustoms only
ACCATaxation
AI
Toaster Teacher
Why the answer is B, and why the others tempt you.
VAT is multi-stage but non-cumulative — businesses set off input VAT against output VAT so only value added is taxed.
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