Discuss the welfare effects of the VAT reform and its implications for businesses and taxpayers.
First, let’s consider how VAT works. The use of this type of tax means that businesses are able to pass on their taxes to consumers in the form of higher prices for goods or services they sell. Businesses are able to deduct any inputs from their turnover which have already paid the tax so they only end up paying it on their final value-added product or service, rather than having to pay it twice over different stages during production or sale processes. As such, VAT is ultimately paid by consumers when they purchase products or services with taxable components attached to them.
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